Quick take: Eden shares fall 2% despite compensation

KUALA LUMPUR: Shares of Eden Inc Bhd fell 2% in early trade Thursday despite news on the company getting compensation for East Coast Rail Link (ECRL) land sale.

The counter shed 2%, or 0.5 sen to 24.5 sen with 9.48 million shares traded. It opened at 25.5 sen earlier. On Monday, its share price surged following the appointment of Prime Minister Tan Sri Muhyiddin Yassin as the eighth Prime Minister over the weekend.

Eden said it had on Feb 28 received compensation amounting to RM16.71mil from the Malaysian government due to the compulsory disposal of Eden’s 6.39ha land in Kuantan, Pahang for the proposed ECRL project.

Eden said the acquirer of the leasehold industrial land in Mukim Sungai Karang is Malaysia Rail Link Sdn Bhd (MRLSB), which has been appointed as the asset and project owner of the ECRL.

MRLSB is a wholly-owned subsidiary of Minister of Finance Inc (MOF Inc), Eden said.

“The compulsory disposal arose as a result of the receipt from the Land Administrator of the notice to take possession of the land under section 18 of the Land Acquisition Act, 1960.

Source: TheStar