This article first appeared in The Edge Financial Daily on May 9, 2017

Malton Bhd (-ve)

SHARES in Malton Bhd (fundamental: 0.8/3, valuation: 1.4/3) slid five sen or 3.23% to RM1.50 yesterday, after 37.6 million shares were done, near 16 times higher than its 200-day average of 2.42 million shares.

The group’s share price, which jumped about 22% or 34 sen earlier in the day to RM1.89 on speculation that it was in talks with the Employees Provident Fund and China-based Dalian Wanta Group Co Ltd to jointly bid for the Bandar Malaysia development project.

However, the group rubbished the rumour, which stemmed from a news report on Saturday, saying it was “not” in any such discussion with the parties mentioned for the project.

Malton’s shares are currently trading at 0.91 times the group’s book value. It has a market capitalisation of RM777.49 million.