Following  a  press  report  yesterday,  MRC  confirms  that  it  had  on  12 February 2015 submitted the tender for the French Embassy Land and is still  waiting  for  the  outcome  of  the  tender.  According  to  the  press  report, MRC is in the lead in the competitive tender for the land. (Source: Bursa Malaysia, StarBiz)

Comments: Comprising two parcels with a combined area of 7.98 acres, the land would cost around RM1.1bn if priced at RM3,188 psf, the price MRC is proposing to acquire the German Embassy Land. We will await the outcome of the tender. Maintain  BUY  call on MRC with an unchanged RNAV-based TP of RM2.26.

Source: Affin Hwang Capital Research - 14 Apr 2015