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Thursday, June 9, 2011

UOA makes fair debut Firm plans green building

Proud day: UOA chairman Tan Sri Alwi Jantan (right) and other board members at the listing.

KUALA LUMPUR: UOA Development Bhd closed at RM2.59, one sen lower than its reference price of RM2.60 per share, after the stock made its debut on the Main Market of Bursa Malaysia yesterday.

The counter opened at RM2.60 with 9.328 million shares traded.

Based on its institutional price of RM2.60, the property developer currently has a market capitalisation of RM3.1bil.

Speaking at a briefing after its listing ceremony yesterday, chief operating officer (development division) David Khor said UOA would work towards integrating more green building components in its commercial development.

On its recent acquisition of a RM50mil land in Sri Petaling, Khor said the company planned to build high-end condominiums there but the details had yet to be finalised.

“The company has about RM8.6bil worth of properties to be launched over the next seven to 10 years,” he said.

Khor said about 70% of the properties developed by UOA were for commercial purposes while the rest were residentials.

“We hope the ratio will change in two years, with residential projects contributing more (to the volume),” he said.

By The Star

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