KUALA LUMPUR – Malaysian Resources Corporation Bhd (MRCB) shares rose mid-morning following its wholly owned subsidiary Country Annexe Sdn Bhd’s (CASB) announcement that it will jointly develop Ipoh Sentral in Perak with Ipoh Sentral Sdn Bhd (ISSB).
At 11am, MRCB shares rose 1.0 sen to 54.5 sen with 9.57 million shares traded.
MRCB said the project’s estimated gross development value is RM6.25 billion.
CASB entered into a JV development agreement (JVDA) with ISSB on July 11 to formalise the collaboration on the proposed mixed-use development after executing a memorandum of agreement on January 23, 2025.
Ipoh Sentral is currently owned by Railway Assets Corp, which is in the process of transferring the assets to its wholly owned subsidiary Railway Asset Holdings Sdn Bhd (RAHSB).
In a research note today, CIMB Securities Sdn Bhd said the JVDA is subject to several conditions precedent and land ownership transfer to RAHSB within six months from the JVDA.
“Hence, we maintain our earnings forecast on MRCB pending the fulfilment of conditions precedent of the JVDA, which include the submission of Ipoh Sentral’s development plan to the relevant authorities.
“We expect material contributions from Ipoh Sentral to kick in from the financial year of 2028 forecast onwards,” it said.
CIMB Securities has maintained a “Buy” call on MRCB with an unchanged target price of RM0.83 per share. – July 14, 2025