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KUALA LUMPUR: IOI Properties Group Bhd
, whose stock price rose to a two-year high of RM 1.71 in active trading on Monday, had prompted a query from the regulator, Bursa Malaysia Securities.
The low-key real estate developer, in which IOI Corporation Bhd is its main shareholder, saw its share prices close near the high of the day.
At 5 p.m., it was up 38 sen or 28.8% to RM1.70. 64.16 million shares were made at prices ranging between RM1.36 and RM1.71.
Bursa Securities due to unusual market activity (UMA), directed the company to consult with directors, major shareholders and other relevant persons on the reasons for the UMA and provide a public statement.
You asked IOI Properties Group if there is any corporate development related to your group’s businesses and affairs that has not been previously announced that may explain business activity, including those in the negotiation / discussion stage.
He also asked if there were any rumors or reports on the group’s business and affairs that could account for the commercial activity.
StarBiz previously reported that the stock price had risen in the absence of a solid news stream except for its strong earnings growth and the purchase of shares by Executive Vice President Lee Yeow Seng.
Lee had bought 2.93 million shares on December 3 at an average price of 1.31 yuan and increased his direct stake to 5.43 million shares.
Also in the last quarter ended September 30, its net profit increased 16.8% to RM 192.11 million from RM 164.39 million a year ago.
According to its announcement on November 25, its revenue increased by 22% to RM 659.67 million from RM 540.31 million. His net asset per share was RM3.42.
The stronger year-on-year financial performance was driven by suppressed demand following the Chinese economy’s recovery from Covid-19.
The cash-rich company had RM1.59 billion in short-term funds, bank deposits, and cash and bank balances.
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