The sale is expected to result in a pro forma gain of RM487.81 million — improving earnings per share (EPS) by RM1.10, with the group distributing RM177 million of the proceeds as dividends to shareholders within six months of the agreement.
In a statement, the exchange said the trading activities "has been suspended for the rest of the day as the daily short selling trade limit has reached 3% of the issued number of shares of the said securities".
The reason for the renewed interest in the counter is not certain, but some dealers linked it to a possible revival of the acquisition of a 60% stake in the Bandar Malaysia project by IWH-CREC Sdn Bhd, a joint venture between Iskandar Waterfront Holdings Bhd (IWFH) and China Railway Engineering Corp Sdn Bhd.
Meanwhile, Works Minister Baru Brian said the potential rise in cement prices was a concern, as it would have an impact on the domestic construction industry.
The MGO, at RM3.75 a share, was concluded yesterday with YTL Cement acquiring an additional 220.72 million shares or 25.98% of Lafarge.
Deputy Minister in the Prime Minister's Department Mohamed Hanipa Maidin: "Certainly we never want to see such privileges to be unduly 'abused' and I don't see how they [are] going to be unduly 'abused'".
Michael had been re-designated to be the group's managing director, from previously being an executive director.
Earnings per share dipped into losses, with a loss per share of 1.11 sen posted in 1QFY19, from 0.30 sen profit per share seen last year.
The property division saw its revenue increasing 34% to RM122.1 million from RM91.3 million previously.
On its prospects, the REIT said economic conditions will influence the occupancy and rental rates of its properties.
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