Spurts in penny stocks result in unusual market activity queries
With penny stock spurts resulting in nine queries in half a month, November is turning out to be a record month for so-called unusual market activity (UMA) queries. Three queries were issued yesterday to SYF Resources, DPS Resources and Flonic Hi-Tech. SYF saw 60% of its share base traded on the open market while DPS saw more than 100% of its shares changing hands. Flonic has gained 87% over seven market days, while Harvest Court is now 28 times the value it closed at seven weeks ago. Others that have been queried so far this month are Emico, Hibiscus Petroleum, Sanichi Technology, GPRO Technologies and Maxbiz. (Financial Daily)
Penang rolls out RM5bn-RM8bn infrastructure jobs
The Penang government will pay developers with prime land around the tourist belt area of Gurney Drive to construct three bypass highways and a sea tunnel linking the island to the mainland to reduce traffic congestion in the state. Of the four projects, the Penang government plans to build a 6.5km undersea tunnel connecting Butterworth on the mainland and Gurney Drive, from which a 4.2km bypass would be constructed linking it to the Tun Dr Lim Chong Eu Expressway. There is also intention to establish a light-rail transit network. These public-private partnership projects would be undertaken via open tenders involving domestic and foreign construction companies. The projects are estimated to cost RM5bn to RM8bn, with a targeted completion in 2020. (The Star)
Pavilion targets RM695m from IPO
Pavilion REIT Management SB launched the prospectus for Pavilion REIT with a proposed listing on the Main Market of Bursa Malaysia on 7 Dec 2011. Pavilion REIT will offer 790m units at an indicative retail price of RM0.88 per unit, raising gross proceeds of approximately RM695m from the IPO. The company plans to use a majority of the proceeds as part payment for the acquisition of the initial property portfolio while the remaining amount will be utilized as working capital and listing expenses. (Malaysian Reserve)
Gleneagles to open 2 more hospitals by 2014
Gleneagles Hospital, under its parent company Parkway Pantai Ltd, is set to open two more hospitals in Malaysia by 2014, at an approximate cost of RM700m. The two new hospitals, located in Iskandar Malaysia and Kota Kinabalu, are now seeing earthworks development and should be fully operational by 2014. The hospital in the Iskandar region will host an initial 150 beds but boast a total capacity of 300, while that in Kota Kinabalu will have 200. (BT)
Malton buys Gombak land for residential project
Malton has acquired a 56.05-acre parcel of land in Gombak, Selangor for a total consideration of RM105m (RM43 per sq ft) for a proposed residential development with an estimated GDV of RM500m. The company has entered into a sale and purchase agreement to acquire the land from Ukay Spring Development SB. (Financial Daily)
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