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DJ IOI Properties Rises 28% in Malaysia Trading Debut

By Jason Ng

IOI Properties Group Bhd (5249.KU), a Malaysian property developer, Wednesday rose 28% on its trading debut in the Southeast Asian country's first listing this year.

The stock opened at 3.21 ringgit ($0.98) on Bursa Malaysia, against an initial public offering price of MYR2.51. The shares were trading at MYR3.07 as of 0120 GMT, valuing the company at MYR9.95 billion after 14.8 million shares changed hands. The country's benchmark FTSE Bursa Malaysia KLCI was up 0.1% in comparison.

"What matters most for us is sustainable growth," IOI Properties Chief Executive Lee Yeow Seng said after the shares started trading.

Mr. Lee says the company expects annual sales of up to MYR3 billion for the next three financial years, ending June 30, 2016, with property launches in Malaysia, Singapore and China.

Palm-oil planter IOI Corp. Bhd (1961.KU) had spun off its real-estate business into IOI Properties. No new shares were issued in the offering but IOI Corp. received MYR1.8 billion from selling down its stake in the property unit to its shareholders. Proceeds have been earmarked to repay bank borrowings.
15 Jan 2014, 11:44 AM

Hey! Today, R-Table will be covering IOI Properties Group Berhad by presenting 10 years financial results in a short, fun & interesting way. Click the link below to watch the video.

 #RTable #IOIPropertiesGroupBerhad #MakeInvestingFun

21 May 2019, 10:42 PM

prefer this stock.Good management and strong profit margin.First target (rm1.50-rm1.60)Second target if its show strong profit at last quarter then rm 1.85-rm 1.95(best case scenario).Based on number of shares 5.5 billion.

29 May 2019, 12:16 AM

Ceverion and TRyan like this company.
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