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KUALA LUMPUR (Feb 8): Shares in DBE Gurney Resources Bhd rose as much as 14.3% in early trade today, after it proposed to diversify into property development.
The counter hit an intraday high of 4 sen before paring some gains to trade at 3.5 sen at 2.43pm, unchanged from yesterday's closing, with 15.28 million shares done, making it the 10th most active counter on Bursa Malaysia so far.
On Monday (Feb 5), DBE announced it was undertaking the joint development of a mixed affordable project in Bota Kanan, Seri Iskandar, Perak.
The project has an estimated gross development value of RM24.5 million and will see DBE’s wholly-owned subsidiary, DBE Development Sdn Bhd, taking a 75% cut of the development profit in its joint venture with Misi Jutari Sdn Bhd.
DBE Gurney executive director Datuk Doh Jee Ming had also expressed the group’s interest in diversifying into construction-related business to complement its foray into property development.
On top of its diversification, the group announced on Feb 5 that it has incorporated a 98.7% subsidiary in Taiwan to promote its fried chicken products, Harumi, in Taiwan, as well as China. — theedgemarkets.com
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