Wednesday, November 24, 2010

IJM Land up, MRCB dips on merger plan

KUALA LUMPUR: Shares of IJM Land rallied in early trade on Wednesday, 24 but MRCB was slightly lower due to limited upside following the proposed merger between both companies.

At 9.29am, IJM Land was up 12 sen to RM3.09 while MRCB shed one sen to RM2.11. IJM Land-WA rose five sen to RM1.80 with 13.19 million units done.

The FBM KLCI was off its earlier low, shedding 3.64 points to 1,483.89. Turnover was 165.07 million shares done valued at RM212.64 million. There were 173 gainers, 252 losers and 187 stocks unchanged.

On Tuesday, MRCB and IJM Land signed a memorandum of understanding on the two companies' proposed merger, which will effectively give rise to the country's second largest property player.

IJM Land shares will be exchanged at RM3.65 a share, MRCB RM2.30 a share under the proposed merger.

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