File pic: Construction under way for a mixed development project called IOI Rio City in Bandar Puteri 3 Puchong by IOI Properties in July 2020. NORAFIFI EHSAN / The Star KUALA LUMPUR: IOI Properties Group Bhd (IOIPG) has received proposals from third parties in Malaysia and also from abroad to either enhance its core business or to diversify into other businesses. In its reply to Bursa Malaysia Securities on Tuesday, IOIPG said it had also on a preliminary and exploratory basis, reviewed a number of potential investments or acquisitions in the food and beverage segment, real estate, wellness and pharmaceuticals and others. “However we have not reached a stage where we have entered into contractual obligations to secure rights nor have we established any contractual or operational working mechanisms. “Any corporate proposal with good potential will be tabled to the board for deliberation and approval. We will make the necessary announcement(s) in compliance with the Listing Requirements of Bursa Malaysia upon procuring the board’s approval, ” it said. It was responding to Bursa Securities' query issued on Monday over the unusual market activity (UMA) in the trading of its shares and also the sharp increase in the share price. It closed at a two-year high of RM1.70, up 38 sen or 28.8%. IOIPG said it had entered the year 2020 in a very changed market environment while its core business in Malaysia had been run prudently. With the general slowdown and/or enhanced risk in several segments of its business, it had been open to proposals either to enhance its core business or to diversify into a business of the future. IOIPG also explained it had not to its knowledge embarked upon any corporate development which it could say with reasonable conviction that might account for the UMA. It said it had explored proposals and discussion to enter a preliminary memorandum of understanding (MoU) with the Administration Bureau for Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. It said this initiative was an expression of its interest, adding the MoU which was preliminary in nature and did not regard this information as material and capable of causing the UMA.
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