Stock Name: SUNWAY
Company Name: SUNWAY BERHAD
KUALA LUMPUR: Sunway Bhd's share prices were unchanged at
RM2.30 as at 3 pm today despite the conglomerate's latest move to expand its landbank in Iskandar Malaysia economic corridor.
Its prices had moved between RM2.30 and RM2.32 with a total of 280,700 shares traded.
Yesterday, Sunway acquired two parcels of freehold land in Iskandar Malaysia totalling 311.6ha for RM412.7 million through a joint-venture company, Iskandar Asset Sdn Bhd, a unit of Iskandar Investment Bhd.
Hong Leong Investment Bank (HLIB) said the latest venture by the company was being viewed as "long-term" positive move.
It said the land will be jointly developed by both companies for a mixed integrated development projects and expected to raise of about RM12 billion over 17 years.
"This new land will transform Sunway into one of the biggest developers in Iskandar. It has increased its landbank by 29 per cent to 1449ha and raise gross development value by 40 per cent to RM25 billion," HLIB told Bernama today.
HLIB has maintained a 'buy' call on the counter with the target price of RM2.93. -- BERNAMA
Company Name: SUNWAY BERHAD
| Research House: HLG | Price Call: BUY | Target Price: 2.93 |
KUALA LUMPUR: Sunway Bhd's share prices were unchanged at
RM2.30 as at 3 pm today despite the conglomerate's latest move to expand its landbank in Iskandar Malaysia economic corridor.
Its prices had moved between RM2.30 and RM2.32 with a total of 280,700 shares traded.
Yesterday, Sunway acquired two parcels of freehold land in Iskandar Malaysia totalling 311.6ha for RM412.7 million through a joint-venture company, Iskandar Asset Sdn Bhd, a unit of Iskandar Investment Bhd.
Hong Leong Investment Bank (HLIB) said the latest venture by the company was being viewed as "long-term" positive move.
It said the land will be jointly developed by both companies for a mixed integrated development projects and expected to raise of about RM12 billion over 17 years.
"This new land will transform Sunway into one of the biggest developers in Iskandar. It has increased its landbank by 29 per cent to 1449ha and raise gross development value by 40 per cent to RM25 billion," HLIB told Bernama today.
HLIB has maintained a 'buy' call on the counter with the target price of RM2.93. -- BERNAMA
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