Hot Stock Top gainer Maica jumps 24% on possible asset injection

by **Cals** Tue 28 Jan 2014, 01:52

Hot Stock Top gainer Maica jumps 24% on possible asset injection

Business & Markets 2014

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Monday, 27 January 2014 15:19

KUALA LUMPUR (Jan 27): Top gainer Malaysia Aica Bhd (Maica) jumped as much as 24% on news that property projects under Sunsuria Group may be injected into the former.

Sunsuria is controlled by Datuk Ter Leong Yap who is also the largest shareholder in Maica with a 50.11% stake. Ter told The Edge Malaysia weekly that one of the projects, a planned township in Salak Tinggi, Selangor, has an estimated gross development value (GDV) of at least RM4.5 billion.

At 12.30pm, Maica was traded at RM1.18, up 16 sen or 16% from RM1.02 with some 15.5 million shares done.

At 2.58pm, Maica changed hands at RM1.17 with about 16 million shares traded. The stock had earlier risen as much as 24 sen or 24% to RM1.26.

Remisiers however believe that Maica shares have risen on speculation.

Remisiers Association of Malaysia president Sam Ng told theedgemalaysia.com over the phone that the rise in Maica shares is “purely speculation for trading.”

It was reported that Sunsuria and Sime Darby Bhd will be develop a township on a 120ha (300-acre) tract adjacent to Xiamen University Malaysia’s campus in Salak Tinggi, Selangor.

Ter said it is possible for the Salak Tinggi development to be injected into Maica as he seeks to position Maica as a prominent developer.

He said Sunsuria may also inject its 33ha (82-acre) mixed development project in Medini, Iskandar Malaysia, Johor into Maica.

So far, two Sunsuria assets have been injected into Maica. They comprise the "Trivo" project, and a 1.4ha (3.551-acre) freehold commercial land in Bukit Jelutong, Selangor.

The Bukit Jelutong tract has a GDV of RM260 million.

Last week, Ter made a mandatory general offer for shares in Maica he did not own after he increased his stake in the door manufacturer to 50.11% from 25.30%.