KUALA LUMPUR (Oct 11): Shares of Bina Puri Holdings Sdn Bhd rose by as much as 7.2% in at mid-morning today, after it signed an agreement with CCCC Dredging (Group) Co Ltd yesterday for the development of Kuantan Waterfront Resort City in Pahang with investment totalling RM15 billion. At 10.40am, Bina Puri shares rose 2.5 sen or 6.02% to 44 sen with 5.3 million shares done, for a market capitalisation of RM107.73 million. Bina Puri and CCCC Dredging are to establish a consortium with a 50% stake each, to construct the resort over 500 acres of reclaimed land in Kuantan over the next 10 years. Bina Puri chairman Tan Sri Wong Foon Meng had stated that the project will be developed in four phases. Reclamation efforts will commence next year, with CCCC Dredging taking the lead, while the construction components will be led by Bina Puri.

Source: The Edge Markets October 11, 2016 03:11 UTC