IGB shares hit all-time high

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KUALA LUMPUR (Dec 3): IGB Bhd shares reached an all-time high today.

As of 4:09pm, the counter was up 18 sen or 5.54% at RM3.43, valuing the company at RM2.37 billion.

IGB opened at RM3.25 this morning and climbed to an intraday high of RM3.55 before pulling back slightly.

The counter saw 177,800 shares traded, exceeding its 200-day average trading volume of 117,940.5 shares.

IGB is currently the second-highest gainer on Bursa Malaysia.

The company's share price has been on the rise since Nov 21 and has risen 27.41% from the then-price of RM2.70.

On Nov 25, IGB's shares rose as much as 22 sen or 7.12% to RM3.31 in morning trade in response to analysts saying that the group's plan to establish and list a commercial real estate investment trust (REIT) comprising properties at Mid Valley City and those along Jalan Tun Razak will help realise IGB's fair value.

The properties included in the REIT, which will be known as IGB Commercial REIT, are Menara IGB, Centrepoint South, Centrepoint North, The Gardens South Tower, The Gardens North Tower, Menara Southpoint and Boulevard Offices. GTower and Menara Tan & Tan would be included from its Jalan Tun Razak properties.

The group said the establishment of the REIT and its consequent listing involves the disposal of IGB's subsidiaries' interests in the properties to IGB Commercial REIT, with the sale consideration satisfied through a combination of cash and the issuance of new units in IGB Commercial REIT.