Skip to main content

Featured Post

Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Post a Comment

Axiata Group Launches US$200 Million Buyback Offer for 2050 Medium-Term Notes

Axiata Group Bhd has announced a buyback offer of up to US$200 million for its outstanding medium-term notes (MTNs) due in 2050, issued by its subsidiary Axiata SPV5 (Labuan) Ltd. The MTNs, originally valued at US$1 billion, are listed on the Singapore Exchange. This buyback initiative is part of Axiata’s strategy to reduce gross debt, lower interest costs, and optimize its capital structure by using surplus cash to retire and cancel the purchased notes.

Key Details:

  1. Buyback Offer: Axiata is offering eligible holders the opportunity to sell back their MTNs, with the offer set to expire on September 27, 2024. The terms of the offer are detailed in the tender offer memorandum.

  2. Strategic Financial Management: The buyback is aimed at reducing Axiata’s debt burden and improving its financial health, reflecting the company’s focus on managing interest costs and enhancing its overall capital structure.

  3. Market Reaction: Following the announcement, Axiata's share price increased by 3.66% to RM2.55, giving the company a market capitalization of RM23.41 billion.

This move underscores Axiata’s commitment to maintaining a robust financial position while providing flexibility in managing its long-term debt obligations.

Labels:

Comments

Post a Comment

Popular posts from this blog

INTC Share Watch and News

Stock Info Market Monitor Company Profile Intel Corporation designs, manufactures, and sells integrated circuits for computing and communications industries worldwide. It offers microprocessor products used in notebooks, netbooks, desktops, servers, workstations, storage products, embedded applications, communications products, consumer electronics devices, and handhelds. The company also offers system on chip products that integrate its core processing functionalities with other system components, such as graphics, audio, and video, onto a single chip. It also provides chipset products that send data between the microprocessor and input, display, and storage devices, such as keyboard, mouse, monitor, hard drive, and CD or DVD drives; motherboards that has connectors for attaching devices to the bus, and products designed for desktop, server, and workstation platforms; and wired and wireless connectivity products, including network adapters and embedded wireless cards used to translat
1 comment
Read more

3M Raises Profit Forecast After Beating Quarterly Estimates on Electronics Demand

3M Co raised the lower end of its full-year adjusted profit forecast after strong demand for electronics and industrial products helped the company surpass quarterly profit expectations. Shares of 3M were up 4.2% at $140.5 in pre-market trading. An increase in demand for electronics used in vehicles and mobile phones boosted profits for the company, which had previously faced challenges as high inflation led consumers to delay major purchases. The industrial sector is also expected to benefit from the recent US Federal Reserve decision to cut borrowing costs in September, encouraging more consumer spending. 3M has implemented cost-cutting measures, including job reductions and spinning off its healthcare business, to counter the impact of a demand slowdown . Key highlights from the report: Sales in the transportation and electronics segment grew 1.8% year-on-year. Sales in the safety and industrial segment , which produces adhesives for industrial use, increased by 0.5% . 3M&
Post a Comment
Read more

Key Corporate Updates from Malaysia

Ekovest Bhd : Major shareholder Tan Sri Lim Kang Hoo is considering selling his toll-road business, Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi), for up to RM5 billion. Ekovest owns 60% of Kesturi, with the remainder held by the Employees Provident Fund (EPF). Eco World Development Group Bhd : Through its subsidiary Mutiara Balau Sdn Bhd, EcoWorld is acquiring 847.25 acres in Semenyih, Selangor for RM742.41 million to develop Eco Forest 2, a project with an estimated RM4.6 billion in gross development value. Mah Sing Group Bhd : Mah Sing has purchased 5.24 acres on Old Klang Road for RM113 million to build M Aurora, a transit-oriented development with an estimated RM660 million gross development value, anticipated for launch in early 2025. Pentamaster Corp Bhd : The company’s third-quarter net profit dropped 49.9% to RM11.77 million, impacted by lower sales in its automated test equipment division and foreign exchange losses. Sentral REIT : The REIT saw a 25
Post a Comment
Read more