Bursa Community
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Bursa Community

Bursa Malaysia Stock Forum - Enriching You!


Hot Stock Selangor Properties rises 4.5% on RM450m KL land sale

Bursa Community :: Community News

Go down

Hot Stock Selangor Properties rises 4.5% on RM450m KL land sale Empty Hot Stock Selangor Properties rises 4.5% on RM450m KL land sale

Post by Cals Tue 04 Mar 2014, 16:37

Hot Stock Selangor Properties rises 4.5% on RM450m KL land sale
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Tuesday, 04 March 2014 15:16

KUALA LUMPUR (Mar 4): Selangor Properties Bhd (SPB) rose as much as 4.5% on the firm's proposed sale of a prime 2.5ha (6.34 acre) freehold land in Damansara Heights here for RM450 million. The buyer is Jendela Mayang Sdn Bhd.

At 2.32pm, SPB rose 15 sen or 3% to RM5.03. The bourse's fourth-largest gainer saw 291,900 shares done. The stock had earlier risen as much as 22 sen to RM5.10.

According to SJ Securities remisier Goh Kay Chong, SPB’s presence among the top gainers was attributed to the land sale.

“SPB’s rise today is due to the sale of the KL land,” Goh told theedgemalaysia.com over telephone today.

Analysts had earlier expected SPB to attract market interest. 

JF Apex Securities Bhd wrote in a note that "stocks to watch for today include Selangor Properties Bhd after the group sold a land for RM450m."

The land sale is closely watched as it is expected to result in a handsome gain for SPB. 

Yesterday, SPB told Bursa Malaysia that the property firm stood to make a net gain of RM376.2 million. This took into account the tract's net book value of RM108.2 million.

Worth noting is the fact that SPB is selling the land at a premium to the tract's market value of RM300 million.

SPB said it intended to use the sale proceeds to repay its debt, and finance the company's working capital and potential land acquisitions.
Cals
Cals
Administrator
Administrator

Posts : 25277 Credits : 57721 Reputation : 1766
Male Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it I’️d have been right perhaps as often as seven out of ten times.”
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis

Back to top Go down

Back to top

- Similar topics

Bursa Community :: Community News

 
Permissions in this forum:
You cannot reply to topics in this forum