KUALA LUMPUR (May 17): Shares in Malton Bhd, the property developer controlled by tycoon Tan Sri Desmond Lim Siew Choon, settled at their highest closing price of RM1.78 yesterday since the company’s listing in 2002. Malton executive chairman Lim has a 36.2% stake in the company.

At 5pm yesterday, Malton shares gained 24 sen or 15.58%. Earlier, it hit an intraday high of RM1.94 at 3.14pm. At market close, the counter was the sixth top gainer on Bursa Malaysia.

Warrants attached to the stock were also trending upwards, with Malton’s Warrant B (Malton-WB) closing 24 sen or 34.8% higher at 93 sen yesterday, making it the seventh top gainer on the local stock exchange yesterday.

Both counters were heavily traded, with Malton-WB recording a trading volume of 138.74 million shares, while Malton saw 72.16 million shares change hands.

Malton and Malton-WB were among the top five most actively traded counters on Bursa Malaysia yesterday.

Last week, a local English-language 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 announcement to Bursa Malaysia, Malton denied it was discussing with the parties mentioned in the report to bid for the Bandar Malaysia 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.

Among Malton’s notable developments are The Park Sky Residence in Bukit Jalil City, SK One Residence in Sri Kembangan and Da:Men @USJ 1, Subang. The group is also behind the upcoming Pavilion Damansara Heights project.

On May 25, the group is due to release its financial results for the third quarter ended March 31, 2017.

This article first appeared in The Edge Financial Daily, on May 17, 2017.

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