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Thursday, January 10, 2008

MK Land surges 13pc on foreign partner talk

MK Land Holdings Bhd's shares were at its most active ever yesterday on speculation that the property developer may be close to securing a foreign partner.

The shares rose by 8 sen or 13.3 per cent to 68 sen yesterday on volume of about 50.6 million shares, making it the day's most active counter.

Its call warrants were the day's second most actively traded, moving up 3.5 sen or 30.4 per cent to 15.5 sen, on some 43 million shares.

Combined, the two counters accounted for almost a third of total volumes transacted over the stock market yesterday.

Investors may have bought the stock on rumours that a cash-rich foreign investor is close to coming in as an equity partner to help MK Land develop a commercial cluster made up of a shopping mall, office tower and hotel on 9.2 hectares of land in Damansara Perdana, dealers said.

Above map/picture shown the location of Damansara Perdana

"That would make sense as they need some cashflow injection," a property analyst said, noting that cash flow has been tight at the company as it hasn't launched many new developments recently.

But dealers noted that there was also a play on small-to-mid-sized property stocks.

Credit Suisse yesterday put out an "overweight" call on the Malaysian residential property sector.

By New Straits Times

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