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In response to Bursa's UMA query, IOI Properties says it is exploring potential investments

KUALA LUMPUR (Dec 8): IOI Properties Group Bhd said today it is exploring a few proposals on potential investments which are currently at a preliminary stage of discussions, in response to an unusual market activity (UMA) query by Bursa Securities.

In a filing to Bursa today, it said there are no other corporate developments that may account for the sharp rise in its share price.

The group said it is not aware of any rumour or report concerning its business, as well as possible explanation for the UMA.

“The market is driven by numerous factors and groups of investors. As a company, we have endeavoured to maintain a responsible Corporate Disclosure Policy which we believe has been properly implemented,” it said.

IOI Properties said it is currently exploring a few proposals which are at the best interest of the group, that are currently under review or discussion.

These include entering a preliminary memorandum of understanding with the Administration Bureau for Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Administration Bureau) as well as reviewing a number of potential investments or acquisitions in the food and beverage segment, real estate, wellness, pharmaceuticals and others.

“The said proposals have not been presented to the board and/or have not entered into a transactional stage.

“Any corporate proposal with good potential will be tabled to the board for deliberation and approval. We will make the necessary announcement(s) in compliance with the LR [Listing Requirements] of Bursa Malaysia upon procuring the board’s approval,” the group added.

Yesterday, the group was slapped with a UMA query over the sharp rise in its share price and trading volume.

Bursa requested that IOI Properties disclose any investment decision, corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons, for the sharp increase in its share price and volume traded.

At noon break, shares in IOI Properties had fallen two sen or 1.17% to RM1.69, valuing the group at RM9.31 billion. It saw some 36.87 million shares transacted.

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