Is A New Casino In Forest City Reason For Berjaya’s Shares Soaring?

It was reported that Prime Minister Datuk Seri Anwar Ibrahim met with Berjaya Group and Genting Group last week to discuss the possibility of opening a new casino in Forest City, Johor; and soon after the share prices of both group’s surged.

“The government is considering issuing a new gambling license to open a casino in Forest City to revive this RM100 billion real estate project.”

It was reported that the Prime Minister met with Berjaya Group founder and advisor Tan Sri Vincent Tan Chee Yioun (pic) and Genting Group Chairman Tan Sri Lim Kok Thay last week. However, the relevant persons and units did not comment on this when questioned.

However, after the news came out, BJCORP shares were first sought after, with the market opening from 1 cent to 29.5 cents. Then the stock price climbed as high as 2.5 cents to 31 cents within half an hour, an increase of 8.8%, with a trading volume of 28.36 million shares.

The company’s warrant, Berjaya Group-WC (BJCORP-WC), was also actively traded, with a high of 1 sen to 5 sen, and was flat at 4 sen as of 9:30, with 13.64 million shares traded, making it the 10th most popular stock.

On the other hand, the stock prices of Genting and Genting Malaysia fell. GENTING opened lower, falling as low as 5 sen to RM4.53; GENM fell as low as 3 sen to RM2.62.

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