<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Feb 23): Gamuda Bhd was among the top gainers in early trading, closing 5.9% higher at RM4.30 at noon break with 16.7 million shares changing hands after it announced an asset sale agreement to acquire the Australian transport projects business at an enterprise value of A$212 million (RM636 million) cash. &nbsp;</p></div>

<div class="mt-4 embed-right"><a class="mobx embedimg-icon imgw-300" data-desc="" data-rel="ceolightbox" data-title="" href="//assets.theedgemarkets.com/pics/2023/Gamuda.png"><img alt="" src="//assets.theedgemarkets.com/pics/2023/Gamuda.png" /></a></div>

<div class=newsTextDataWrapInner><p>Its Australian unit DT Infrastructure Pty Ltd inked the agreement on Wednesday (Feb 22) to take over Downer’s Australian transport projects business — which provides civil construction.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>CGS-CIMB in a note on Thursday said the deal is earnings accretive at 25%-29% to the financial year ending July 31, 2024 (FY2024) to FY2025 and at the same time, valuations of the deal are attractive.</p></div>

<div class=newsTextDataWrapInner><p>The research house maintained its "add" call with a target price (TP) of RM4.69, adding there is potential upside to from this deal.</p></div>

<div class=newsTextDataWrapInner><p>Meanwhile, Hong Leong Investment Bank (HLIB) Research has maintained its “buy” rating on Gamuda at RM4.06, with a higher TP of RM4.88 (from RM4.15).</p></div>

<div class=newsTextDataWrapInner><p>In a note on Thursday, HLIB said it was positive on the acquisition due to strategic reasons, a decent acquisition price, and order book expansion.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="https://www.theedgemarkets.com/node/656341" target="_blank">Gamuda unit to acquire Australian transport projects business worth RM636m</a></em></p></div>


Gamuda Bhd was among the top gainers in early trading, closing 5.9% higher at RM4.30 at noon break with 16.7 million shares changing hands after it announced an asset sale agreement to acquire the Australian transport projects business at an enterprise value of A$212 million (RM636 million) cash.

Gamuda among top gainers, closes 6% higher at noon break

The US Federal Trade Commission (FTC) voted Tuesday to adopt a near-total ban on non-compete provisions that prohibit workers from switching jobs within an industry, a rule the Chamber of Commerce vowed to immediately challenge in court.

FTC issues worker non-compete ban as chamber lawsuit looms

In the third and fourth instalments of our four-part series on the economy, we are focusing on mission-based policy packages that Malaysia can embark on to realise our vision of Malaysia Madani. As a recap, the first article — “Taking a systems approach to fuel subsidies” (Issue 1515, March 18) —...

My Say: Mission Madani: Now is not the time to work in silos

E-government services provider MyEG Services Bhd has inked an agreement to collaborate on the launch of a virtual asset fund or Hong Kong virtual assets exchange-traded fund (ETF) products.

MyEG inks partnership to launch Hong Kong virtual assets

Sunway Putra Hotel Kuala Lumpur marked the commencement of its lobby area refurbishment with a ground-breaking ceremony.

Sunway Putra Hotel KL commences refurbishment of its lobby

Shares of DXN Holdings Bhd surged on Wednesday to its highest in more than a month as analysts continued to urge investors to buy the stock after the health supplement company’s fourth-quarter (4Q) results.

DXN climbs over one-month high, analysts see positive outlook

While the opening of The Exchange TRX is anticipated to intensify competition in the malls sector, Pavilion Real Estate Investment Trust (PavREIT) said footfalls at its malls nearby — Pavillion KL and the connected Pavilion Elite — remain unaffected, and they are still enjoying over 95% occupancy rates.

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Shares of construction and engineering contractor Crest Builder Holdings Bhd climbed on Wednesday after bagging a RM486 million condominium project in Mont Kiara.

Crest Builder rises 6% after bagging RM486m condominium project

BMI, a Fitch Solutions company, holds a cautious but positive outlook for consumer spending in Malaysia over 2024, as the economic recovery feeds through to strong real consumer spending growth over the full year.

BMI holds a cautious but positive outlook for consumer spending in Malaysia over 2024

US defence contractor L3Harris Technologies Inc will cut 5% of its workforce this year as part of a cost saving measure, CEO Chris Kubasik said in an email to employees seen by Reuters on Tuesday.

US defence contractor L3Harris to cut 5% of workforce to save costs, email shows

The ringgit rebounded in early trade on Wednesday as the US dollar retreated after S&P Purchasing Managers' Index (PMI) data disappoint.

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<p>The Edge covers former Malaysian Prime Minister Datuk Seri Najib Razak's 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial live.</p>




Najib's 1MDB-Tanore trial live reporting (April 24)

<p>With Malaysia’s 5G outdoor coverage having reached the 80% target for coverage of populated areas (CoPA) at the end of 2023 and after the signing of the share subscription agreements (SSAs) by five mobile network operators (MNOs) on Dec 1, 2023, what’s next for the next stage of 5G deployment in Malaysia?</p>


What’s next for 5G deployment in Malaysia?

<p>Rakuten Trade said NationGate Holdings Bhd may extend its upward trajectory after breaking out from its one-month rectangular pattern on Tuesday.</p>


NationGate may extend upward trajectory, says Rakuten Trade 

<p>US stocks closed higher on Tuesday following positive earnings from top-tier companies and as investors were focused on quarterly results from Magnificent Seven and other megacap growth stocks.</p>


Wall Street closes higher as investors digest earnings, megacap outlook

<p>Tesla Inc is accelerating the launch of more affordable models in a bid to arrest a deterioration in its profit margins and sales.</p>


Tesla to accelerate launch of cheaper cars after sales miss

<p>Global shares rose on Tuesday, with investors on Wall Street focused on earnings reports from the US megacaps, and the yen tumbled to multi-year lows against the dollar and the euro.</p>


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<p>Bursa Malaysia opened higher on Wednesday, tracking Wall Street's upbeat overnight performance, as confidence was buoyed by a spate of solid corporate earnings that many see as a precursor of those from the mega caps which will be reported over the next few days, said an analyst.</p>


Bursa opens higher, tracking overnight Wall Street

<p>The ringgit rebounded in early trade on Wednesday as the US dollar retreated after S&amp;P Purchasing Managers' Index (PMI) data disappoint.</p>


<p>RHB Retail Research said Censof Holdings Bhd is observing a technical breakout after climbing above the 26.5 sen immediate resistance on surging trading volume.</p>


Censof observing technical breakout, says RHB Retail Research 

<p>Mergers and acquisitions (M&amp;A) activities fell to the lowest in a decade in 2023. According to the “Global M&amp;A Report” published by Bain &amp; Co, the total M&amp;A market fell by 15% year on year last year to US$3.2 trillion, the lowest in a decade.</p>


M&A activities hit a low in 2023, pickup expected this year

<p>Meta Bright Group Bhd said its wholly owned subsidiary FBO Land (Serendah) Sdn Bhd and Doople Tech Sdn Bhd have entered a solar supply agreement with Cherengin Hills Sdn Bhd, following its recent collaboration with Doople to form a joint venture (JV) company to bid for renewable energy (RE) projects with a Bumiputera equity requirement.</p>


Meta Bright lands solar supply deal after forming JV company with Doople

<p>Shares of DXN Holdings Bhd surged on Wednesday to its highest in more than a month as analysts continued to urge investors to buy the stock after the health supplement company’s fourth-quarter (4Q) results.</p>


<p>RHB Retail Research said YBS International Bhd is set to resume its uptrend after climbing above the 80.5 sen immediate resistance, surpassing the 21-day simple moving average line.</p>


YBS International set to resume uptrend, says RHB Retail Research 

<p>Digital payments company Block Inc, formerly known as Square, has finished the development of its Bitcoin mining chip as chief executive Jack Dorsey continues to advocate for a more accessible and decentralised system — an effort he’s championed since 2021.</p>


Jack Dorsey’s block finishes development of Bitcoin mining chip

<p>(April 24): JPMorgan Chase CEO Jamie Dimon said the U.S. economy was booming and consumer spending continued to be resilient.</p>

<p>The U.S. economic boom is "unbelievable," Dimon told the Economic Club of New York on Tuesday. "Even if we go into recession, the consumer's still in good shape,...

JPMorgan CEO Dimon says US economy is booming

<p>Shares of construction and engineering contractor Crest Builder Holdings Bhd climbed on Wednesday after bagging a RM486 million condominium project in Mont Kiara.</p>


<p>This was supposed to be the year that Vietnam reaped the benefits from one of its largest natural gas discoveries.</p>


Xi’s armada is winning the battle for energy in South China Sea

<p>International Business Machines Corp (IBM) is in advanced talks to acquire software company HashiCorp Inc, according to people with knowledge of the matter.</p>


IBM is in advanced talks to acquire software provider HashiCorp

<p>Tesla&nbsp;said it will lay off 6,020 employees in Texas and California ahead of its quarterly results on Tuesday when CEO Elon Musk is expected to outline the electric-vehicle (EV) maker's strategy to combat slowing demand and falling margins.</p>


Tesla to cut more than 6,000 jobs in Texas, California, notices show

<p>Goldman Sachs Group Inc shares rose to a record on Tuesday, eclipsing their previous closing high set more than two years ago.</p>
