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Monday, January 10, 2011

UEM Land jumps as Sunrise bid completes

UEM Land Holdings Bhd, a Malaysian property developer, rose to a record in Kuala Lumpur trading as it’s close to completing a takeover of Sunrise Bhd.

The stock climbed 1.7 per cent to RM2.94 at 9:16 a.m. local time.

The takeover offer closed on Jan. 7 and it will now invoke a compulsory purchase order for all remaining shares of Sunrise, it said in a statement.

By Bloomberg

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