MARKET DEVELOPMENT
Share Price Hike Due to Revised Oil Palm Land Value, Says SAB
Share Price Hike Due to Revised Oil Palm Land Value, Says SAB
28/04/2014 (The Star) - Southern Acids (M) Bhd said its recent share price hike could probably due to a raised target price by a research house, it said on Monday.
According to its unusual market activity reply to Bursa Malaysia, the group said “The revision was made after the research house revised their estimate of value on our 260.82 ha (644.49 acres) oil palm estate land in Selangor, after equating the said land with property development in the nearby area”.
The group added its board of directors plans to continue use of the said land for oil palm cultivation in the immediate future.
At 10.32am, its share price fell sharply by 21 sen to RM5.42 with some 1.16 million shares traded between the prices of RM5.31 and RM5.66.
The FBM KLCI was down 0.43 of a point to 1,869.55. Turnover was 746.81 million shares valued at RM320.51mil. There were 264 gainers, 272 decliners and 294 counters unchanged.
According to its unusual market activity reply to Bursa Malaysia, the group said “The revision was made after the research house revised their estimate of value on our 260.82 ha (644.49 acres) oil palm estate land in Selangor, after equating the said land with property development in the nearby area”.
The group added its board of directors plans to continue use of the said land for oil palm cultivation in the immediate future.
At 10.32am, its share price fell sharply by 21 sen to RM5.42 with some 1.16 million shares traded between the prices of RM5.31 and RM5.66.
The FBM KLCI was down 0.43 of a point to 1,869.55. Turnover was 746.81 million shares valued at RM320.51mil. There were 264 gainers, 272 decliners and 294 counters unchanged.