Quick take: Avillion shares up 9.6% in active trade

KUALA LUMPUR: Shares in AVILLION BHD rose almost 10% in early trade Tuesday in active trade.

The integrated travel and hotel group advanced 9.68%, or 1.5 sen to 17 sen. It is currently the most actively traded counter on Bursa Malaysia with 31.68 million shares traded.

StarBiz reported over the weekend that Avilion had received an offer for its land in Port Dickson from a China-based investment group.

Sources say that a group called Guangxi East Hangyang Investment Group has made an offer of about RM380mil to purchase six parcels of land that Avillion owns in Port Dickson, Negri Sembilan.

The offer includes the piece of land that houses one of Avillion’s main asset, namely the Avillion Hotel Port Dickson.

The rest of the land are mostly undeveloped pieces in Mukim Sri Rusa, Port Dickson, according to sources.

Guangxi East Hangyang, which was set up in the 1990s, describes itself as a company with a focus on high-end property development, hotels, food and beverage, tourism and entertainment. It also says it has partnered with international brands such as Walmart and Mariott.

For the six months ended Sept 30,2019, Avillion made a net loss of RM8.73mil on a revenue that declined more than 40% to RM34.92mil.

Source: TheStar