Thursday, November 25, 2010

SunCity, Sunway rally in early trade

KUALA LUMPUR: Shares of Sunway City and Sunway Holdings rallied in early trade on Thursday, Nov 25 spurred on by the proposed merger of the two companies.

AmResearch viewed the proposed merger as positive and added the offer price of RM5.10 a share represents a premium of 23% to its fair value of RM4.13 a share.

At 9.04am, SunCity rose 18 sen to RM4.67, Sunway-WC added 16 sen to RM1.30, Sunway 13 sen to RM2.38 and SunCity-WA seven sen higher at RM1.19.

The FBM KLCI was up 6.52 points to 1,495.06. Turnover was 45.67 million shares valued at RM60.49 million. There were 138 gainers, 22 losers and 70 stocks unchanged.

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