KUALA LUMPUR: JF Apex Research expects IOI Properties, Bina Puri, Hunza Properties to attract trading interest on Wednesday.
IOI Properties Group Bhd executive chairman Tan Sri Lee Shin Cheng, his wife and elder son are injecting their two property companies for RM1.583bil in cash and shares.
The landbank of the two companies -- Mayang Development Sdn Bhd (MDSB) and Nusa Properties Sdn Bhd (Nusa) -- is expected to generate an indicative gross development value of about RM20bil.
Bina Puri won its second contract to construct six buildings in the Pengerang Integrated Petroleum Complex in Johor for RM234.12mil.
Hunza Properties is acquiring a 3.92 ha freehold land on Penang island, located near its land bank in Bayan Baru, for RM57.02mil. It plans to carry out an affordable housing project.
Overnight on Wall Street, US markets declined amid quarterly results announcements and despite better-than-expected housing starts. European stocks were weighed by renewed concerns on China's economic slowdown.
At Bursa Malaysia, the FBM KLCI lost 13.17 points to 1,705.30. Following the sluggish performance of the global markets, “we expect further weakness in the KLCI with support at 1,685,” JF Apex Research said.
