KUALA LUMPUR: Thriven Global Bhd
was among the most actively traded stocks on Bursa Malaysia with investors buying up the share on news of its property disposals.
The trading stock of the property developer opened 1.5 sen higher at 12 sen a share before rising to an intra-morning high of 17 sen, representing a 61.9% leap over its reference price.
As at 9.28am, there were 17.11 million Thriven shares changing hands, making it the market's third most active stock.
In a filing with Bursa Malaysia, Thriven said its wholly owned sub-subsidiary, Golden Cignet Sdn Bhd (GCSB), had entered into four sale and purchase agreements with Resource Star for the disposal of four properties for RM22mil.
“The disposal provides an avenue for GCSB to monetise and crystallise the value of its land bank while at the same time, improve the cash flow of the company and Thriven Group.”
Thriven said the sale of the properties will result in an estimated profit of RM12.72mil.
The group said the net cash proceeds received from the disposal will be utilised as working capital.
