Malaysian turmoil: A view from the market
IF THERE is any doubt that Malaysia's new prime minister Muhyiddin Yassin stumbled into his job unexpectedly, just look at the trajectory of Kuala Lumpur-listed Thriven Global's share price.
The property company, whose name is a mash-up of the words "thrive" and "driven", counts the new prime minister's son Fakhri Yassin Mahiaddin as its executive chairman and a major shareholder, with a 27.2 per cent stake. In Malaysia, that sort of familial link is more than enough to get the market speculating that the company will be the recipient of all manner of political largesse.
Yet, shares in Thriven didn't take off until Monday, the day after Mr Muhyiddin was sworn in as PM. The stock more than doubled during the day to hit a high of RM0.48. It closed at RM0.315, up 43.2 per cent for the day. The company had a net asset value of RM0.37 per share as at end- 2019. Its current market capitalisation is RM147.7 million (S$49 million).
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Emerging-market optimism dashed by Fed as currencies, bonds sink
LHN warns H1 2024 net profit could decline by 28.6%
iPhone maker Hon Hai’s April sales rise 19% in positive signal
Worsening weather is igniting a US$25 billion market
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules