MUI Properties says unaware of unusual trading in its shares

• The property group said it is not aware of any rumour or report concerning the business and affairs of the group that may account for the unusual trading activity, as noted in an exchange filing.

KUALA LUMPUR (July 30): MUI Properties Bhd (KL:MUIPROP) said it is not aware of any corporate development that caused the unusual market activity (UMA) in its shares, which climbed to a near four-year high on Monday.

The property group said it is not aware of any rumour or report concerning the business and affairs of the group that may account for the unusual trading activity, as noted in an exchange filing.

"The board is not aware of any possible explanation to account for the trading activity," the group said.

MUI Properties noted that the group announced on July 10 that it was selling its 53 acres of freehold land in Port Dickson, Negeri Sembilan, for RM80.8 million cash to Antmed Malaysia Bhd.

The company was slapped with an UMA query by Bursa Malaysia after its shares jumped as much as 11.5 sen or 46% to a high of 36.5 sen during the afternoon trading session on Monday, the highest since Aug 28, 2020.

Its trading volume of 41.33 million was also the highest in nearly four years.

On Tuesday, the stock fell four sen or 11.4% to 31 sen — still its highest since Oct 9, 2020. At this price, the company was valued at RM229.7 million.

The property group turned a loss in the nine months ended March 31, 2024 (9MFY2024), with a net loss of RM4.44 million on revenue of RM33.78 million.

Aside from MUI Properties, shares of its largest shareholder Malayan United Industries Bhd (KL:MUIIND) have also climbed by 81% or 4.5 sen since June, to its last close of 10 sen per share of RM306.45 million.

Malayan United Industries, which was also loss-making in 9MFY2024, owns 23.48% direct and 48.78% indirect shareholding in MUI Properties.

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