Ideal United Bintang shares rise on news of corporate exercises

PETALING JAYA: Ideal United Bintang International Bhd’s (IUB) share price rose as much as 8 sen this morning after it announced a slew of corporate exercises involving property acquisition and a private placement.
The stock rose as much as 8 sen or 6.56% to trade at a high of RM1.30 from its last adjusted closing price of RM1.22. At 11.36am, it was 6 sen or 4.92% higher at RM1.28 with 708,400 shares done. The stock was one of the top gainers in early trade.
Yesterday, the group announced the acquisition of three property firms for RM353.08 million, a private placement to raise up to RM200.47 million and the subdivision of its existing one share to two shares.
IUB said the proposed acquisition of property firms represents an opportunity for the group to bolster its portfolio of development projects and enhance its profile as a property developer.
The private placement is expected to raise gross proceeds of up to RM200.5 million, which will be used to fund several projects while the share split is expected to improve the liquidity of its shares with a higher share base.