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KLCC Property surges to record high

KUALA LUMPUR (June 28): KLCC Property Holdings Bhd (KLCCP) shares to a record high on Thursday after it announced a proposed corporate exercise that could involve the setting up of real estate investment trust (REIT).

At 4.42pm, KLCCP jumped 10.23% or 44 sen to RM4.30. It had earlier gained as much as 48 sen to RM4.34.

The surge came after KLCCP announced that its board had authorised the management to explore a corporate structure including an appropriate REIT or equivalent, with the objective of optimising shareholder value.

“It is expected that any proposals arising from this exercise will be subject to the approvals of relevant authorities, the Board of KLCCP, and shareholders,” it said.

At 3.48pm, the stock rose as FBM KLCI lost 6.83 points to 1595.06.

There were 214 gainers and 459 losers while 294 counters remained unchanged. Volume was at 1.16 billion shares valued at RM2.045 billion.

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