YTL Cement Sdn Bhd, a 98%-owned unit of YTL Corp, has acquired a 51% stake in Lafarge Malaysia. It has subsequently launched a mandatory general offer to Lafarge Malaysia’s minority shareholders for the remaining shares in the company at RM3.75 per share.
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".
Witness Afidah Azwa Abdul Aziz (pictured), who is the deputy secretary at the Ministry of Finance's strategic investment division, also told the court that SRC was seen defaulting its loan payments in 2015, 2016 and 2017, and it had to obtain a loan from the government to prevent an event of default.
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.
In its filings with Bursa Malaysia, IOI Corp also announced that chief executive officer (CEO) Datuk Lee Yeow Chor will be redesignated as the group’s managing director.
It was to cover interest, late payment penalty for RM4 billion KWAP loans.
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 group is also planning to relocate some of its theme park rides and attractions at i-City, Selangor, in order to free up land for property development.
"Possibly, now, the board member would have to resign or be removed," said Ismee.
Ooi said these downside come from a challenging property market, higher political risk premium for the construction stocks and abrupt suspensions of mega projects.
The only property app you need. More than 200,000
sale/rent listings and daily property news.
