KUALA LUMPUR (May 19): Trading in shares of property developer MKH Bhd (KL:MKH)  and its 65.3%-owned plantation unit MKH Oil Palm (East Kalimantan) Bhd (KL:MKHOP) was suspended just before market close on Tuesday at the companies’ request, pending a material announcement.

This is set to last throughout Wednesday as well.

Separately, Batu Kawan Bhd (KL:BKAWAN) also requested that trading in its shares be suspended just before market close, which will similarly last throughout Wednesday. Batu Kawan is the largest shareholder of plantation giant Kuala Lumpur Kepong Bhd (KL:KLK), with a 48.26% stake.

 Shares of Kuala Lumpur Kepong, however, continued trading and were not suspended.

In response to an unusual market activity (UMA) query on Monday, MKH said its major shareholder, Chen Choy & Sons Realty Sdn Bhd, was “periodically in discussions” with external parties, but denied that a corporate exercise involving MKH and MKH Oil Palm was underway.

Chen Choy & Sons Realty holds a 40.96% interest in MKH, comprising a direct stake of 14.76% and an indirect interest of 26.2%.

Trading interest in MKH has surged since last Thursday, with the stock climbing from 91.5 sen to a high of RM1.77 over four trading sessions, representing a gain of more than 90%.

The thinly traded counter also saw trading volume surge multifold to its highest level since 1995, when the company was known as Metro Kajang Holdings Bhd. Based on its last close of RM1.66, MKH has a market capitalisation of RM973.67 million.

Meanwhile, MKH Oil Palm rose from 60 sen to a high of 72 sen last Friday, before paring some gains. The stock last traded at 66 sen, valuing the plantation company at RM675.57 million.

Batu Kawan closed up 18 sen or 0.9% to RM20.88 on Tuesday, giving the group a market capitalisation of RM8.34 billion. Since the start of the year, the stock has gained 7.1%.