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Hot Stock Guocoland rises 2.31% on land disposal plan
by Cals Wed 21 Oct 2015, 04:06
- Hot Stock
[size=28]Guocoland rises 2.31% on land disposal plan
By Surin Murugiah / theedgemarkets.com | October 20, 2015 : 10:10 AM MYTKUALA LUMPUR (Oct 20): Shares of Guocoland (M) Bhd ([You must be registered and logged in to see this image.] Valuation: 2.10, Fundamental: 1.10) advanced this morning after the company said its associate Vintage Heights Sdn Bhd was disposing of a 679.2ha land in Sepang, Selangor, to Putrajaya Properties Sdn Bhd, for RM474.99 million cash.
At 9.49am, Guocoland rose 2.31% or 3 sen to RM1.33 with 675,900 shares traded.
Upon completion of the proposed disposal, Vintage Heights is expected to realise a net gain on disposal of some RM290 million. About RM116 million is expected to be attributable to Guocoland.
Guocoland said Vintage Heights had on Friday (Oct 16), signed the conditional sale and purchase agreement with Putrajaya Properties and Hap Seng Consolidated Bhd ([You must be registered and logged in to see this image.] Valuation: 2.10, Fundamental: 1.30) for the proposed disposal.
Vintage Heights had on March 27, 1992, acquired the land from its shareholder Hap Seng Consolidated for RM50.48 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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