Puncak Niaga shares fall on Ijok land acquisition

PETALING JAYA: Puncak Niaga Holdings Bhd's share price fell 1.38% this morning, after announcing that its unit Puncak Niaga Management Services Sdn Bhd is buying a piece of leasehold land in Ijok, Selangor for RM40.73 million.

At 11.09am, the stock stood at 71.5 sen with 31,000 shares changing hands. It has a market capitalisation of RM317.5 million.

The group told the stock exchange, it is acquiring the land from Puncak Alam Housing Sdn Bhd (PAHSB), a company linked to its executive chairman Tan Sri Rozali Ismail.

It said the rationale behind the acquisition is to expand its landbank in Shah Alam and Kuala Selangor from 291 acres to 312 acres for future property development purposes.