KUALA LUMPUR: Shares of Gamuda rose at mid-morning on Tuesday after the group bought a RM392mil worth of land in Kuala Langat, Selangor.
At 10am, its shares rose 15 sen to RM5.15 with 323,100 shares done between RM4.87 and RM5.15.
The FBM KLCI was up 8.03 points to 1,786.30. Turnover was 465.9 million shares valued at RM277.38mil. There were 365 gainers, 156 decliners and 206 counters unchanged.
The company announced that its unit, Setara Hati Sdn Bhd, had entered into a sale and purchase agreement with Bukit Melati Sdn Bhd to acquire the 257-acre land with prospects for a mixed property development project.
In a filing with Bursa Malaysia on Monday, Gamuda said the acquisition enabled it to establish its position in the property development scene and increase its investment portfolio to provide long-term earnings growth.
Meanwhile, RHB Research has kept its Buy call on the stock with a target price of RM5.61, adding that Gamuda is also the best proxy to the buoyant construction sector in Malaysia given its dominant role in the RM73bil Klang Valley MRT project. - The Star
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