IOI Properties up on Singapore JV announcement

KUALA LUMPUR (June 13): IOI Properties Group Bhd shares rose as much as four sen or 2% after the company announced a planned joint venture (JV) with Hongkong Land International Holdings Ltd to develop a tract within Singapore's Central Boulevard.

At Bursa Malaysia, IOI Properties shares rose to their highest so far today at RM2.15 after IOI Properties' share trade resumed following a suspension today.

Trading in IOI Properties shares were suspended from 9am to 10am today in conjunction with the JV announcement. At 11:53am, IOI Properties shares were traded at RM2.09 for a market value of RM11.62 billion.

Yesterday, IOI Properties announced it had signed a memorandum of agreement (MoA) with Hongkong Land to develop and manage an office building at Central Boulevard.

"The MoA sets out the parties' mutual understanding in relation to the proposed JV, which will be formalised in a JV agreement," IOI Properties said. — theedgemarkets.com

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