KUALA LUMPUR (Sept 15): LBS Bina Group Bhd and 51.18%-owned subsidiary ML Global Bhd rose after LBS said it was selling its controlling stake in a construction unit to ML Global for RM225 million.
Yesterday, LBS said it was disposing its 75% stake in MITC Engineering Sdn Bhd to ML Global. "This is in line with LBGB Group’s (LBS) vision to expand its construction division and operate more competitively in the construction industry," LBS said.
Today, LBS shares were up as much as nine sen or 5% at RM1.81. At 10:54 a.m., the shares pared gains at RM1.79, with some two million units traded.
At RM1.79, LBS has a market value of RM1.11 billion.
ML Global shares climbed as much as 18 sen or 25% to 89.5 sen. At 11:02 a.m., the stock pared gains at 81 sen, with 1.2 million shares traded.
At 81 sen, ML Global has a market capitalisation of RM72.16 million.