KUALA LUMPUR (Oct 20): Trive Property Group Bhd shares gained as much as six sen or 30% after the company announced it is in exclusive talks for the proposed appointment of Trive as turnkey contractor for a planned RM1.1 billion affordable-housing project here.

Yesterday, Trive said its wholly-owned subsidiary Trive Property Sdn Bhd inked a memorandum of understanding (MOU) with Tenaga Meriah Sdn Bhd. Tenaga Meriah and Malaysian government-owned SPNB Aspirasi Sdn Bhd will form a joint venture company to undertake the project, which neighbours enclaves that include Desa Park City and Taman Tun Dr Ismail. 

Trive said in a statement Bursa Malaysia: "The affordable housing development will comprise residential condominium/apartments towers (1,775 units) and a retail/commercial (50 units) central parking podium, strategically located in KL, neighbouring high-end reputable and matured communities of Desa Park City, Country Heights Damansara, Mont Kiara and Taman Tun Dr Ismail, just to name a few, with multiple accessibility, including via Spint Highway (Sungai Penchala) and Desa Park City." 

Today, Trive shares rose to their highest so far at 26 sen. At 2:42pm, the stock was traded at 24.5 sen, with about 97 million shares exchanging hands.

The stock was the second most active entity across Bursa Malaysia. Trive warrants were the most actively traded, with about 151 million units transacted. Trive warrants gained one sen to six sen.