Stock Name: IGB
Company Name: IGB CORPORATION BHD
Research House: AMMB
KUALA LUMPUR: Securities of IGB Corp Bhd fell in late morning on Wednesday, Feb 16 after it announced its plan to inject The Gardens Mall into its 75%-owned KRISASSETS HOLDINGS BHD [].
At 11.01am, IGB was down 11 sen to RM2.21 with 5.07 million shares done and the call warrants IGB-CB lost 8.5 sen to 27.5 sen with 25,000 units transacted.
The FBM KLCI fell 2.34 points to 1,502.99. Turnover was 691.9 million shares valued at RM575.26 million. There were 218 gainers, 382 losers and 263 stocks unchanged.
IGB announced on Monday that it had entered into a heads of agreement with KrisAssets for the proposed disposal of 100,000 ordinary shares of RM1 each representing the entire paid-up share capital in Mid Valley City Gardens Sdn Bhd (MVCG) to KrisAssets for a cash consideration.
It would be based on the net tangible asset of MVCG based on the audited financial statements for the financial year ended Dec 31, 2010 and also the market value of the piece of land together with The Gardens Mall with an indicative value of RM820 million.
AmResearch said on Wednesday it was maintaining its HOLD for IGB with the fair value revised to RM2.33 a share.
'Our fair value is arrived at after applying a 45% discount to our revised NAV estimate of RM4.24/share. Our NAV is revised as we rolled over our valuation to FY11F while also including new development projects,' it said.
Company Name: IGB CORPORATION BHD
Research House: AMMB
KUALA LUMPUR: Securities of IGB Corp Bhd fell in late morning on Wednesday, Feb 16 after it announced its plan to inject The Gardens Mall into its 75%-owned KRISASSETS HOLDINGS BHD [].
At 11.01am, IGB was down 11 sen to RM2.21 with 5.07 million shares done and the call warrants IGB-CB lost 8.5 sen to 27.5 sen with 25,000 units transacted.
The FBM KLCI fell 2.34 points to 1,502.99. Turnover was 691.9 million shares valued at RM575.26 million. There were 218 gainers, 382 losers and 263 stocks unchanged.
IGB announced on Monday that it had entered into a heads of agreement with KrisAssets for the proposed disposal of 100,000 ordinary shares of RM1 each representing the entire paid-up share capital in Mid Valley City Gardens Sdn Bhd (MVCG) to KrisAssets for a cash consideration.
It would be based on the net tangible asset of MVCG based on the audited financial statements for the financial year ended Dec 31, 2010 and also the market value of the piece of land together with The Gardens Mall with an indicative value of RM820 million.
AmResearch said on Wednesday it was maintaining its HOLD for IGB with the fair value revised to RM2.33 a share.
'Our fair value is arrived at after applying a 45% discount to our revised NAV estimate of RM4.24/share. Our NAV is revised as we rolled over our valuation to FY11F while also including new development projects,' it said.
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