Friday 29 Mar 2024
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KUALA LUMPUR (Jan 4): KUB Malaysia Bhd, whose share price has shot up 68% this week, announced that several parties have expressed interest to buy the stake held by its controlling shareholder Anchorscape Sdn Bhd.

KUB said in a filing to Bursa Malaysia that Anchorscape had issued a letter to inform the company of the interest expressed by the parties and that the discussions with the parties are still preliminary at this juncture, with no agreement or conclusion made.

“We will update on all developments as and when we receive any updates,” it said. It did not reveal the identities of the interested parties.

As at Oct 3, 2017, Anchorscape held 290.31 million shares or a 52.17% stake in KUB. At today’s closing of 39.5 sen, the block of shares would be worth RM114.6 million.

In June 2018, the group had obtained a development order for KUB Tower to be constructed in Petaling Jaya, Selangor, on a plot of land where the landmark A&W Restaurant is located.

KUB previously said the tower, which has been talked about since mid-2014, will have an estimated gross development value of RM245 million, with the project to be jointly developed with a property player this year.

The group sold its fast food chain A&W (Malaysia) Sdn Bhd to Inter Mark Resources Sdn Bhd for RM34 million. The disposal was completed in September last year.

For the third financial quarter ended Sept 30, 2018, the group reported a net profit of RM10.22 million, a big jump from RM1.77 million in the previous year’s financial quarter. Revenue for the quarter rose 22% to RM148.97 million from RM121.59 million.

The improvement in financial performance was attributed to better profit from its agro segment, a gain on disposal of shop offices under its property segment, as well as the gain on disposal of A&W Malaysia.

Earlier today, the Umno-related company filed a clarification on the unusual rise in its share price over the past two days, stating that it was not aware of any rumour or report or any other possible explanation to account for the activity, even though it was not slapped with an unusual market activity query (UMA).

The company’s market capitalisation stood at RM219.8 million.

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