Thursday, October 20, 2011

UOA Devt at near 2-month high, very active

KUALA LUMPUR: Shares of UOA Development Bhd surged to a near two-month high on Thursday, Oct 20 and it was very actively traded with more than 11 million shares done in the morning session.

At 12.30pm, it was up 13 sen to RM1.64, the highest since Aug 23. There were 11.29 million shares done.

It bucked the cautious overall market, where the FBM KLCI fell 15.10 points to 1,435.15. Turnover was 762.27 million shares valued at RM459.98 million. There were 144 gainers versus 477 losers.

This is the second time in six trading days that the share price had surged.'' It jumped to RM1.45 on Oct 13, a day after it announced that it would acquire 10 acres of Kepong land for RM73 million.

UOA Development had entered into a conditional sale and purchase agreement with Tago (Malaysia) Sdn Bhd for the proposed acquisition of a freehold land in Kepong for a cash consideration of RM72.9 million (RM170 psf). The freehold land measures approximately 428,801 sf (9.8 acres).

Affin Investment Bank Research said it was Neutral on acquisition and maintained a BUY with an unchanged TP of RM2.07.

However, the share price is sharply below its offer price when it was listed in June.'' Its institutional price was fixed at RM2.60 and the final retail price at RM2.52. At RM2.52, this was below the indicative retail price of RM2.90.

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