KUALA LUMPUR, Jan 23 (Bernama) -- Bursa Malaysia’s benchmark index recouped earlier losses to settle higher, maintaining a more than six-year high, buoyed by continued buying interest in technology stocks, while the strengthening of the ringgit against the US dollar further lifted investor sentiment. At 2.27 pm today, the local currency strengthened to 3.9992 versus the greenback, its strongest level in more than seven years. It was last seen at this level on June 18, 2018, at 3.9960/9990. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.85 points or 0.17 per cent to 1,719.99 from yesterday’s close of 1,717.14. The index surpassed its previous peak of 1,719.00 recorded on Feb 26, 2019. The barometer index opened 1.30 points lower at 1,715.84 and moved between an intraday low of 1,711.89 in early trade and a high of 1,723.41 in late afternoon before slipping slightly toward the close. However, market breadth was negative with decl...
Malaysia’s corporate scene turned active with a proposed RM11 billion mega-merger, major data centre investments, and portfolio rationalisation moves across construction, energy, tech and utilities.
Key Corporate Developments
Sunway–IJM Mega Deal
Sunway Bhd plans to acquire IJM Corp Bhd in a cash-and-share deal worth over RM11 billion.
Each 1,000 IJM shares: RM315 cash + 501 Sunway shares
Combined entity could rival Gamuda Bhd by revenue
Land bank GDV: RM118.1 billion
Outstanding construction jobs: RM13 billion
HE Group Secures New Contract
HE Group Bhd won a RM12.6 million power distribution contract via its subsidiary Hexatech Engineering.
Project duration: 10 months
Completion target: Nov 30, 2026
Awantec Gets Cloud Contract Extension
AwanBiru Technology Bhd received a six-month extension to continue managing Google Cloud services for the Malaysian government.
Effective until June 30, 2026 or until CFA 2.0 launches
TM and TNB Power Johor Data Centre
Telekom Malaysia Bhd, via TM Nxera, secured 280MW electricity supply from Tenaga Nasional Bhd.
Supports a RM1 billion+ AI-focused data centre in Iskandar Puteri
First-phase operations targeted in 2026
IGB Exits UK Hospitality Assets
IGB Bhd’s associates sold St Giles Hotel London and Ravencroft Investments for £220 million (RM1.2 billion).
Part of overseas asset monetisation strategy
Vantris Energy Continues Portfolio Cleanup
Vantris Energy Bhd (formerly Sapura Energy) is exiting its 40% stake in L&T-Sapura Shipping.
Total consideration: RM123.5 million
Focus on core assets after financial restructuring
Lianson Sells Fourth Vessel
Lianson Fleet Group Bhd disposed of an anchor-handling tug for US$10 million.
Fourth vessel sale since April 2025
Part of fleet rejuvenation strategy
Solar Assets Change Hands
JAKS Resources Bhd is selling its 50MW Penang solar plant to Sunview Group Bhd for up to RM55 million.
Plant operates under a 25-year PPA with TNB until 2048
Favelle Favco Expands into Europe
Favelle Favco Bhd is acquiring France’s Seram Industries for up to €10 million.
Strengthens presence in industrial waste and recycling equipment
Target company profitable with €1.76m net profit in FY2024
MyTech Takeover Offer Rejected by Adviser
Independent adviser ruled MyTech Group Bhd chairman’s 30 sen takeover offer as “not fair and not reasonable”.
Offer priced below market and recent averages
Minority shareholders advised to reject the offer
Big Picture Takeaway
Malaysia Inc is seeing accelerated consolidation, asset recycling, and infrastructure-led growth, particularly in construction, energy, data centres, and renewables. The Sunway–IJM deal stands out as a potential industry reshaper, while utilities and digital infrastructure continue to attract heavy investment.
Comments
Post a Comment