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Short-selling in Lagenda Properties suspended after share price nose-dives 29pc

Publish date: Wed, 29 May 2024, 11:39 AM

KUALA LUMPUR: Short-selling in property developer Lagenda Properties Bhd's shares were suspended today after its share price fell more than 29 per cent or 49 sen in morning trade today.

It will resume at 8.30am tomorrow.

It ranked as the second top loser on the market with 26.7 million shares changing hands.

On May 27, 2024  Lagenda Properties reported a 8.6 per cent jump in first quarter ended Mar 31, 2024 net profit to RM42.7 million, on higher contribution from its property development and construction segments as work progress increased.

This was on 24.7 per cent higher revenue of RM225.6 million.

On May 21, it announced that its unit Blossom Eastland Sdn Bhd entered into a sale and purchase agreement with Hock Lean Rubber Estate Sdn Bhd to acquire three plots of freehold land in Kuala Muda, Kedah for RM148.9 million on willing-buyer and willing-seller basis with no valuation done.

Lagenda Properties said the purchase was to capitalise on demand for affordable housing in Kedah and Penang.

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