Thursday, July 7, 2011

UOA Devt rebounds after hitting post-IPO low

KUALA LUMPUR: Shares of UOA Development Bhd rebounded to RM2.23 in late morning on Thursday, July 7 after falling to new post IPO low of RM2.06 earlier.

At 11.15am, it was up 14 sen to RM2.23 with 3.74 million shares done on some institutional buying support.

The call warrants UOA Development-CA rose 3.5 sen to 14 sen with 10.38 million units done.

The FBM KLCI scaled new historic highs, up 1.33 points to 1,592.67. Turnover was 513.38 million shares valued at RM554.48 million. There were 310 gainers, 238 losers and 304 stocks unchanged.

UOA Development was listed on June 8 and ended the first day atRM2.59.

The institutional price was fixed at RM2.60 and the final retail price at RM2.52 after the bookbuilding. The indicative retail price was RM2.90.

The listing exercise of UOA Development included an offer for sale of up to 407 million existing shares of 5.0 sen each.

RHB Research Institute had valued UOA Development at RM3.45, at its RNAV per share and in line with its valuations on IJM Land Bhd.

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