Trading ideas: UEM Edgenta, Velesto Energy, CBIP, Scientex Packaging, Advance Synergy and Fast Energy

TheStar Mon, Mar 14, 2022 08:34am - 1 year View Original

KUALA LUMPUR: Stocks with recent corporate news flow that may see investor interest on Monday include UEM Edgenta, Velesto Energy, CBIP, Scientex Packaging, Advance Synergy and Fast Energy, said JF Apex Research.

Sarawak Economic Development Corp has entered into a joint venture with UEM Edgenta’s subsidiary to provide project management services and engineering design consultancy services relating to engineering and construction projects.

Velesto Energy has received a two-year contract to provide jack-up drilling rigs to Petronas Carigali Sdn Bhd.

CBIP has acquired the remaining 30% stake or 30 million shares in biofuels producer Gulf Lubes Malaysia Sdn Bhd for RM24mil in cash.

Scientex Packaging saw its net profit in 2QFY22 fall 22.57% yoy, due to a rise in raw material and freight costs.

Advance Synergy is proposing to undertake a renounceable rights issue of up to 1.8 billion new ordinary shares in the company on the basis of two right shares for every one existing ordinary share held on an entitlement date to be determined later.

Fast Energy plans to raise up to RM4.71mil through a private placement of up to 78.51 million new shares or 10% of its total issued shares, at issue price to be determined later.

Meanwhile, JF Apex expects the FBM KLCI to remain choppy with support at 1,540 points following the recent volatility.

The US market declined on Friday as negotiations between Russia and Ukraine have not resulted in a ceasefire.

European stocks advanced after higher-than-expected UK GDP, Germany's inflation and the European Central Bank's decision to end bond buying in 3Q 2022.


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