Johan shares jump 6.25% on RM364.4m GDV mixed development news

PETALING JAYA: Johan Holdings Bhd saw its share price jumped 6.25% this morning, after announcing that it is planning to develop a RM364.4 million gross development value mixed development comprising service apartments and commercial area.
At 10.40am, the stock stood at 25.5 sen with 3.56 million shares changing hands. Its market capitalisation stood at RM155.7 million.
Johan said the group is currently awaiting approval from Majlis Perbandaran Sepang to develop the project on the six acres of the 27 acre-land where its ceramics tiles manufacturing plant sits.
The group said the proposed development is expected to improve its performance in the future and enable the group to diversify its revenue and earnings base to include property development from its existing Diners Club card services and hospitality businesses.
On Aug 30, 2017, Johan announced it would wind down operations of Prestige Ceramics Sdn Bhd by the end of the current financial year ending Jan 31, 2018.