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Tuesday, August 23, 2011

Sunway falls on debut after property merger

Sunway Bhd fell on its debut on the Kuala Lumpur stock exchange after acquiring and merging two property and construction companies.

The stock slid to RM2.64 at 9:05 a.m. local time, lower than the reference price of RM2.80.

Sunway bought Sunway Holdings Bhd and Sunway City Bhd by offering cash and new shares at RM2.80 each.

The share slump on its debut is due mainly to the “global situation,” executive chairman Jeffrey Cheah told reporters in Kuala Lumpur today.

“We are quite happy with our share price given the circumstances,” he said.

“Markets go up and down. We are not worried too much.”

By Bloomberg

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