Titijaya Land denies CREC buying stake in the company

KUALA LUMPUR (Nov 3): Titijaya Land Bhd yesterday denied that China Railway Group Ltd (CREC) is acquiring shares in the property developer to build a strategic stake in the company.

“The company wishes to clarify that after making due and diligent enquiries with the directors, major shareholders and such other relevant persons, there is no share sale to CREC,” it said in a bourse filing.

It added that to date, the company had not been informed by CREC with respect to such a share sale.

“Should the company receive any notice from any shareholder which warrants disclosure, an appropriate announcement will be made to Bursa Malaysia Securities accordingly,” Titijaya said.

However, Titijaya shared that it had previously sent out an invitation to fund managers, the media and broking houses to invite them to attend a signing ceremony between itself and CREC on Nov 8.

“This signing ceremony relates to a potential development project collaboration with CREC,” it pointed out, adding an announcement will be made on the execution of any documents with CREC.

It was responding to queries from Bursa Securities on the veracity of a local daily’s report on Tuesday, which stated that CREC was said to have acquired shares in Titijaya via several off-market trades on Oct 18 and Oct 30 at RM1.76 and RM1.72 apiece respectively.

“There is speculation Titijaya could emerge as a local partner of CREC,” according to the report.

This article first appeared in The Edge Financial Daily, on Nov 3, 2016. Subscribe to The Edge Financial Daily here.