KUALA LUMPUR (Jan 4): Damansara Realty Bhd shares have shot up as much as 19.5 sen or 85% this morning to 42.5 sen, with 13.38 million shares traded.

As at the time of writing, the reason for the spike in its shares is not known.

At 11.07am, Damansara Realty shares were up 14 sen (60.9%) to 37 sen, with 13.59 million shares traded.

Damansara Realty has three major business segments: property and land development, integrated facilities management as well as project management and consultancy services.

Its major shareholders are Seaview Holdings Sdn Bhd, which has a 49.57% stake, and Johor Corporation with a 13.81% stake. Seaview is the vehicle of Datuk Daing A Malek Daing A Rahaman, the former executive vice chairman of Damansara Realty.

Daing, who is a member of the Johor Council of Royal Court, resigned from the board of Damansara Realty in November last year. Around that same time, the group had also terminated its plans to issue redeemable convertible notes (RCN) to raise up to RM150 million as the group intends to anchor its group financing through commercial borrowings and internal funds.