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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Ekovest Disposes of More Land in KL in Related Party Transaction

Infrastructure and construction group Ekovest Bhd (KL) announced the disposal of four parcels of land along Jalan Pahang in Kuala Lumpur, measuring a total of 2,286 square meters.

Key Takeaways:

  • Transaction Details: The land is being sold to Airman Sdn Bhd, a wholly-owned subsidiary of Lim Seong Hai Holdings Sdn Bhd (LSHHSB), for RM9.82 million. This is considered a related party transaction as Ekovest's non-independent and non-executive director, Tan Sri Lim Keng Cheng, is a major shareholder and director of LSHHSB with a 25% stake. Other shareholders of Airman, each with a 25% stake, are Datuk Lim Keng Guan, Lim Pak Lian, and Lim Keng Hun.

  • Financial Impact: Ekovest expects to gain RM3.51 million from the disposal, with proceeds to be used for general working capital purposes.

  • Previous Transactions: On February 22, Ekovest divested 13 parcels of land totaling 12,400 square meters in the same area to LSHHSB for RM66.8 million.

  • Location Details: The land is situated on the left side of Jalan Pahang when traveling from Kuala Lumpur city center and Bulatan Pahang towards Gombak and Setapak localities.

  • Development Plans: Ekovest initially intended to integrate these land parcels into a mixed development project named EkoQuay. However, the development order expired in February 2021.

  • Market Response: Ekovest shares fell by two sen or 4.3% to 44.5 sen on Monday, giving the group a market valuation of RM1.32 billion.

Ekovest's continued land disposals reflect strategic adjustments in its development plans, leveraging assets to bolster working capital while navigating expired project approvals.

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