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Malaysian property stock doubles in value over links to new prime minister
[SINGAPORE] Shares of the little-known Malaysian builder Thriven Global jumped as much as 118 per cent on Monday on speculation that the company's ties with Muhyiddin Yassin, Malaysia's new prime minster, can boost its business.
Mr Muhyiddin's son Fakhri Yassin Mahiaddin is the chairman of the developer, according to data compiled by Bloomberg. Thriven Global pared gains to 52 per cent as of 11.35am in Kuala Lumpur.
"It is purely a speculation" that Thriven will see an increase in business due to its family connections, said Danny Wong, chief executive officer at Areca Capital. There are "not many people tracking the stock", he added.
Thriven's officials did not immediately reply to Bloomberg's email seeking comment on the speculation.
The nation's monarch over the weekend picked Mr Muhyiddin as leader after a week of political turmoil, which saw 94-year-old Mahathir Mohamad first resign before trying to regain the premiership.
Dr Mahathir on Sunday reiterated that he will seek an urgent Parliament sitting to show that he has the majority support among lawmakers to be the country's prime minister.
Investors are monitoring stocks linked to the government and politicians as Malaysian equities slide to an eight-year low on coronavirus fears and political upheaval.