KUALA LUMPUR (May 17): Shares in Malton Bhd, the property developer controlled by tycoon Tan Sri Desmond Lim Siew Choon, fell as much as 6.2% or 11 sen to RM1.67, after the counter hit an all-time high yesterday.

At 11.13am today, Malton pared some losses to trade at RM1.70, down 8 sen or 4.5%, with 8.62 million shares changing hands. As comparison, its 200-day average trading volume was at 3.15 million shares. It has a market capitalisation of RM883.52 million.

"This could be some profit-taking activity after the counter hit its all-time-high yesterday," an analyst from a local investment bank told theeedgemarkets.com.

Last week, a local English daily reported there had been speculation that China's Dalian Wanda Group would be bidding for the Bandar Malaysia project with Malton.

However, in a May 8 filing to Bursa Malaysia, Malton denied it was discussing with the parties mentioned in the report to bid for the project.

Speculations on who would develop Bandar Malaysia have been rife after TRX City Sdn Bhd, an indirect wholly-owned unit of the Ministry of Finance, terminated the sale of its 60% equity interest in the project to IWH CREC Sdn Bhd.

Malton is due to release its financial results for the third quarter ended March 31, 2017. — theedgemarkets.com

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