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


KUALA LUMPUR: Stocks with a recent corporate news feed that could spark investor interest on Monday include UEM EdgentaVelosto EnergyPEBC, Scientex Packaging, Advance Synergy and Fast Energy, said JF Apex Research.

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

Velesto Energy has been awarded a two-year contract to supply jack-up drilling rigs to Petronas Carigali Sdn Bhd.

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

Scientex Packaging saw its net profit in 2QFY22 fall by 22.57% year-on-year, due to higher raw material and freight costs.

Advance Synergy proposes to carry out a capital increase with right of withdrawal of a maximum of 1.8 billion new ordinary shares of the company on the basis of two shares of right for one existing ordinary share held on an ex date which will be determined later.

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

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

The US market fell on Friday as talks between Russia and Ukraine failed to reach a ceasefire.

European stocks rose after stronger-than-expected UK GDP, German inflation and the European Central Bank’s decision to end bond purchases in Q3 2022.

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