Magna Prima says in final stage of negotiations to monetise a land bank

• In a reply to the stock market regulator's unusual market activity (UMA) query, Magna Prima said the company and its subsidiaries have been continuously on the lookout for opportunities to strengthen its financial position.

KUALA LUMPUR (Jan 12): Magna Prima Bhd, which drew the attention of Bursa Malaysia Securities Bhd following a spike in its share price over the last three days, said it is in “final stage of negotiations for the monetisation of one of its land bank”.

In a reply to the stock market regulator's unusual market activity (UMA) query, Magna Prima said the company and its subsidiaries have been continuously on the lookout for opportunities to strengthen its financial position.

"The group will make the necessary announcements in compliance with the Main Market Listing Requirements upon any execution of the agreement in relation thereto,” it said.

Apart from that, Magna Prima said it is not aware of any rumour or other possible explanation to account for the recent trading activity.

The stock fell as much as 14% in early trade on Friday, before paring some gains to settle at 66.5 sen, down 9.5 sen or 12.5%, at the midday break, giving it a market capitalisation of RM266.96 million.

Magna Prima, famed for being the landowner of the former Lai Ming School in Kuala Lumpur city centre, saw its share price jump to a three-year high of 76 sen on Thursday (Jan 11) before declining on Friday morning.

Bursa Malaysia, which issued the UMA query following the sharp rise in the price and volume of Magna Prima shares, directed the company to provide a prompt update to the market in regards to corporate development, rumour or any other possible explanation for the volatility.

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