MUI Properties’ shares suspended for corporate exercise announcement

• Shares of MUI Properties have more than doubled so far this year, after hitting a two-decade high on Sept 30.

KUALA LUMPUR (Dec 30): Trading in MUI Properties Bhd (KL:MUIPROP) has been suspended on Monday, following a request for a material announcement.

The suspension will last until 5pm, the property developer said in an exchange filing. The request is made under a listing regulation that spells out trading suspension for “any other corporate exercise which the exchange considers to be material”.

MUI Properties was last traded at 43.5 sen, valuing the company at RM332 million.

Shares of MUI Properties have more than doubled so far this year, after hitting a two-decade high on Sept 30. A surge in the counter on July 29 prompted Bursa Malaysia to issue an unusual market activity query.

The company, however, said it is not aware of any possible explanation to account for the trading activity.

The company’s largest shareholders are Marco Polo Trading Sdn Bhd, with a 26.59% stake, followed by the diversified group Malayan United Industries Bhd (KL:MUIIND) with a 23.48% stake, and United Review (M) Sdn Bhd with a 6.07% shareholding.

The company was back in the red in the first quarter ended Sept 30, 2024 (1QFY2025), with a larger net loss of RM11.80 million, dragged by the unrealised net loss on foreign exchange by its investment subsidiaries.

Its quarterly revenue jumped 82% year-on-year to RM34.74 million, thanks to higher construction progress of the Antmed project in Bandar Springhill, Negeri Sembilan.

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