Hot Stock Malton share lifted to 5-yr high by “solid investors”

by **Cals** Wed 16 Oct 2013, 13:40

Hot Stock Malton share lifted to 5-yr high by “solid investors”

Business & Markets 2013

Written by Ho Wah Foon of theedgemalaysia.com

Wednesday, 16 October 2013 12:53

KUALA LUMPUR (Oct 16): Malton Bhd’s shares were lifted to five-year highs due to purchases made by “solid investors” ahead of the completion of a deal with Johor Corporation Bhd (JCorp), according to dealers.

“I can see that there are operators buying the stock. These are groups with solid cash and not the hit-and-run type of traders. They may be major shareholders or others who have deep pockets,” said a senior dealer.

“This is an undervalued stock. Its net asset per share as at June 2013 was RM1.46. It has attracted a lot of traders,” said another dealer.

At 12.30 pm noon break, Malton share ended at 95.5 sen, up 4.5 sen or 5%, after rising to a high of 96 sen earlier, on trades of 22.64 million shares.

The stock, which was at its five-year high, was one of the third most active counter across the exchange.
The most recent news about Malton was that on Sept 12 the company won shareholders' approval at an EGM to proceed with a proposed asset exchange exercise with JCorp, bringing Malton closer to completing the takeover of Pusat Bandar Damansara office complex in Kuala Lumpur.

"The resolution has been passed 100% on both sides. The next move is to complete the exercise by November but this would depend on JCorp," Malton's deputy chairman Paul Ravelli said after the EGM.

Previously, JCorp and Malton were involved in a lawsuit as a Malton unit sought to enforce a 2009 agreement with JCorp, which had agreed to sell Pusat Bandar Damansara for RM700 million. But Ravelli said the issue had been resolved.

Malton is controlled by executive chairman Datuk Desmond Lim Siew Choon and among those projects completed by the company are the Bukit Rimau township in Shah Alam and the Vila Mutiara luxurious apartments in Bangsar.