KUALA LUMPUR (June 18): LBS Bina Group Bhd (KL:LBS) said trading in its shares will be suspended on Wednesday at the company’s request, pending a material announcement.

The suspension will take effect from 9am to 5pm, the property developer said in an exchange filing, fuelling speculation in the market on what the announcement could be.

Trading of the group's structured warrants will also be suspended at the same time, it said.

As of the end of May, LBS Bina had unbilled sales totalling RM1.71 billion, which is expected to be recognised in the coming years.

The company has launched three projects this year valued at RM1.1 billion, including D'Island Residence in Puchong, Alam Perdana Central Hub in Puncak Alam, and Bandar Saujana Putra in Kuala Langat.

LBS Bina’s net profit for the first quarter ended March 31, 2024 (1QFY2024) rose slightly to RM30.53 million from RM30.5 million in 1QFY2023, amid the group’s ongoing effort on cost management and optimisation.

Revenue for 1QFY2024, however, fell 11.11% to RM342.1 million from RM384.86 million due to lower contributions from construction and trading, as well as property development.

LBS Bina’s largest shareholder is its executive chairman Tan Sri Lim Hock San, who holds 39.25% in the company, of which 36.66% is held indirectly.

Shares of LBS Bina closed 2.5 sen or 2.89% higher at 89 sen on Tuesday, giving the company a market capitalisation of RM1.4 billion. The counter has gained over 48% since the start of this year.