Friday 29 Mar 2024
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KUALA LUMPUR (Dec 14): Malton Bhd warrants climbed 5 sen or 25% today ahead of the verdict from the Kuala Lumpur High Court of the hearing for the stay application to stop a proposed high-density mixed development in Taman Rimba Kiara later today.

At 11.42am, Malton-WB pared some gains to trade 4.5 sen or 22.5% higher at 24.5 sen. It was the fourth most actively-traded securities on Bursa Malaysia with 25.82 million units traded.

The warrants will mature on June 29, 2018, with exercise price of RM1. At its latest price, the counter has gained 96% to date.

Similarly, shares of Malton rose 4.5 sen or 4.76% to trade at 99 sen, with 5.23 million shares traded. Year to date, the counter has gained some 48.87%.

Analysts contacted by theedgemarkets.com could not immediately determine the reason for today's jump in both securities, on absence of any recent announcement on the local bourse.

However, Malton has been in the news recently — its 51%-owned unit Memang Perkasa is currently undergoing a court case with the Save Taman Rimba Kiara Group, which is formed mostly by residents of Taman Tun Dr Ismail.

The group is currently requesting an order from the court to quash the condition planning permission and development order granted by DBKL to Menang Perkasa for the proposed development of nine apartment blocks near Taman Rimba Kiara.

The development also involves the construction of a six- to eight-lane highway, according to reports. The High Court will deliver the verdict for the stay application at 2.30pm today.

In a note dated Dec 12, RHB Retail Research said Malton shares may rebound, having tested support at 88 sen in recent trade. The counter formed a candle on Dec 11 which indicated "a positive sign", said the research house.

"A bullish bias may emerge above the 96 sen level, with an exit set below the 88 sen threshold. Towards the upside, the immediate resistance level is at RM1.12," it said.

 

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