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Monday, June 8, 2009

SP Setia, DutaLand, Sime Darby up in early trade

KUALA LUMPUR: SP Setia Bhd, DutaLand Bhd and Sime Darby Bhd share prices rose in early trade today. The three companies had been in the limelight since late last week after the first two inked agreements with China-based parties while Sime Darby was reported to have been offered a multi-billion dollar project in China.

SP Setia had entered into a co-operation agreement with Hangzhou Ju Shen Construction Engineering Ltd to set up a JV to carry out a mixed property development in the province of Zhejiang, China.

At 10.55am, SP Setia was up 4 sen to RM4.22 with 71,200 shares done.

The co-operation agreement marks the company's first foray into China, and its third venture overseas after Vietnam where it is developing Eco-Lakes at MyPhuoc Industrial, 42km north of Ho Chi Minh City and EcoXanh at Saigon Hi-Tech Park in District 9 of Ho Chi Minh City.

Meanwhile, DutaLand Bhd rose 10 sen to 72.5 sen with 20.3 million shares traded at 10.55am.

DutaLand inked an MoU with China-Boda Group to jointly develop two pieces of land in Hebei province, China and in Iskandar Regional Development Malaysia.

Meanwhile, Sime Darby added 15 sen to RM7.10 with 1.38 million shares done.

Sime Darby Bhd has been offered a multi-billion dollar development project in the Weifang prefecture city in China. The project, covering almost 700 sq km, will be one of the biggest ventures ever undertaken by a foreign company in China.

By The EDGE Malaysia (by Surin Murugiah)

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