Hartanah Kenyalang debuts flat on ACE Market
KUALA LUMPUR: Sarawak-based construction services company Hartanah Kenyalang Bhd made its debut on Bursa Malaysia's ACE Market today, opening at 16 sen, unchanged from its issue price.
The stock remained flat at 16 sen, with a total of 14.55 million shares traded as of 10:28 a.m.
Hartanah Kenyalang's initial public offering (IPO) raised RM19.34mil. The company is allocating RM3mil from the proceeds to purchase new machineries and IT related hardware and software; RM10.5mil for project working capital; RM2.1mil for loan repayment and RM3.8mil for listing expenses.
In the first quarter ended Jan 31, Hartanah Kenyalang posted a net profit of RM1.9mil, or earnings per share of 0.38 sen on revenue of RM44.8mil.
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Jetstar Asia's exit shrinks options for consumers, but unlikely to dent Changi's hub status
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The airport is connected to about 170 cities worldwide, and the target is to surpass 200 cities by the mid-2030s, when Terminal 5 opens. Maintaining as many air links as possible is good for airlines and consumers, especially when low fares are in the mix. This also strengthens Changi's competitiveness as a transit hub. Jetstar Asia, which is 49 per cent owned by Australia's Qantas and 51 per cent by Singapore company Westbrook Investments, cited higher airport fees and aviation charges, as well as intensifying competition, as reasons it had become unsustainable to continue operations at Changi. Linus Benjamin Bauer, founder and managing director of aviation consultancy BAA & Partners, said rising costs are squeezing low-cost carriers. 'Many airlines still operate under pre-pandemic pricing models, but face a vastly more expensive cost base,' he said, adding that more exits or mergers, especially among smaller budget airlines, can be expected. 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Under the new fee structure, landing, parking and aerobridge charges for narrow-body jets such as the A320 will rise yearly, climbing from about $1,200 (US$935) per landing before April 2025 to $1,725 in April 2030. Passenger fees will also go up in stages until the end of the decade. Passenger fees at Changi are already steeper than those in regional hubs such as Bangkok. While such costs are seen as necessary to help airports fund infrastructural improvements to meet future demand, the increases have made it increasingly difficult for low-cost carriers such as Jetstar Asia to keep air fares low – their key selling point – without passing the extra costs on to customers. 'Singapore has become a high-cost environment for a low-cost carrier, and Qantas Group and Jetstar feel they can get better returns on their assets in other markets,' said Mayur Patel, Asia head at consultancy OAG Aviation. 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Ultimately, Jetstar Asia's withdrawal from Singapore will shrink the choices available to consumers, particularly those eyeing the non-stop links it served exclusively. But its limited market share means that the impact on Changi's standing as a hub will likely be minimal. - The Straits Times/ANN
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