KUALA LUMPUR (Sept 23): UEM Sunrise Bhd says it continuously explores strategic business opportunities that can deliver stakeholder and shareholder returns.

UEM Sunrise was responding to a New Straits Times report published on Friday (Sept 20), quoting sources that it may acquire smaller rival Eco World Development Group Bhd in a share swap deal.

"We wish to clarify that the board of directors has not made nor received any corporate proposal as reported in the media, from any party for its consideration," UEM Sunrise said in a bourse filing today.

It added that where necessary, the company will release a proper announcement on any material issue on a timely basis, as required by the Main Market listing requirements of Bursa.

UEM Sunrise recorded first half (1HFY19) net profit of RM70.46 million, down 70.5% year-on-year (y-o-y), due to the absence of contribution from land sales during the quarter under review. Revenue was 64.9% y-o-y higher at RM1.42 billion.

EcoWorld's net profit for the nine months ended July 31, 2019 (9MFY19), meanwhile, came in at RM121.97 million, a 25.7% y-o-y increase, while revenue grew 2.1% y-o-y to RM1.56 billion. Its 9MFY19 earnings were largely contributed by Eco Majestic, Eco Forest, Eco Sanctuary and Eco Sky in Klang Valley; Eco Botanic, Eco Spring, Eco Summer, Eco Business Park I, Eco Business Park II, Eco Tropics and Eco Business Park III in Iskandar Malaysia; and Eco Meadows and Eco Terraces in Penang.

At 4.55pm, UEM Sunrise shares were down 0.5 sen or 0.69% at 71.5 sen, with 926,200 shares done, bringing a market capitalisation of RM3.24 billion.

EcoWorld shares were up 0.5 sen or 0.75% at 67 sen today, with 6.41 million shares done, for a market cap of RM1.97 billion.