KUALA LUMPUR: Shares in KUB Malaysia Bhd were hotly traded this morning with over 28 million shares exchanging hands, making it one of the most actively traded counters on Bursa Malaysia.
The counter rose 13.25%, or 5.5 sen to 47 sen with 28 million shares traded. It is currently trading at a P/E ratio of 13.3 times.
Last week, KUB announced the disposal of its 40% stake in KUB-Berjaya Enviro Sdn Bhd to partner Berjaya Group Bhd for RM80mil cash.
KUB said proceeds from the disposal would be use for working capital, fund expansion and retire its existing loans.
It said the disposal enabled the group to realise its investment that is not considered strategic or synergistic to the other operations of the group.
On June 10, KUB said it is selling two oil palm estates measuring an aggregate 2,656 hectares in Kluang, Johor for RM158mil cash.
KUB said the proposed disposals offered the group to realise "the significant gain in value" of the estates and strengthen its liquidity and cash flow position.