UEM Land records biggest 1-day gains this week

KUALA LUMPUR: UEM Land Bhd’s share price had its biggest one-day gains this week on July 3 after the company said it was in talks with potential investors for its Puteri Harbour project in Nusajaya, Johor.

It closed eight sen higher at RM1.46. It was actively traded with 28.31 million shares done. The share price had fallen 26 sen from June 30 to July 2.
On July 1, UEM Land Bhd is optimistic of securing partners for its Puteri Harbour project by year end after Dubai’s Damac Properties pulled out of RM396.4 million land deal.

UEM Land managing director and chief executive officer Wan Abdullah Wan Ibrahim had said the company was in “talks with four to five potential partners including locals and from Australia and Singapore” for the project.

Dubai’s Damac Properties had in June pulled out of a deal to acquire 43.54 acres of land in Nusajaya for RM396.4 million from UEM Land after a disagreement over a second extension for the approval period.

By The EDGE Malaysia (by Joseph Chin)