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Malaysian Property Stock Doubles in Value Over Links to the New Prime Minister

Malaysian Property Stock Doubles in Value Over Links to the New Prime Minister

(Bloomberg) -- Shares of the little-known Malaysian builder Thriven Global Bhd. jumped as much as 118% on Monday on speculation that the company’s ties with Muhyiddin Yassin, Malaysia’s new prime minster, can boost its business.

Muhyiddin’s son Fakhri Yassin Mahiaddin is the chairman of the developer, according to data compiled by Bloomberg. Thriven Global pared gains to 52% as of 11:35 a.m. in Kuala Lumpur.

Malaysian Property Stock Doubles in Value Over Links to the New Prime Minister

“It is purely a speculation” that Thriven, which is connected to the new prime minister, will see an increase in business due to its family connections, said Danny Wong, chief executive officer at Areca Capital Sdn. There are “not many people tracking the stock,” he added.

Thriven’s officials did not immediately reply to Bloomberg’s email seeking comment on the speculation.

Malaysian Property Stock Doubles in Value Over Links to the New Prime Minister

The nation’s monarch over the weekend picked Muhyiddin as leader after a week of political turmoil, which saw 94-year-old Mahathir Mohamad first resign before trying to regain the premiership.

Mahathir on Sunday reiterated that he will seek an urgent parliament sitting to show that he has the majority support among lawmakers to be the country’s prime minister.

Investors are monitoring stocks linked to the government and politicians as Malaysian equities slide to an eight-year low on coronavirus fears and political upheaval.

READ: As Market Falls, Eye These Malaysia Stocks on New Prime Minister

To contact the reporters on this story: Abhishek Vishnoi in Singapore at avishnoi4@bloomberg.net;Yantoultra Ngui in Kuala Lumpur at yngui@bloomberg.net

To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Margo Towie

©2020 Bloomberg L.P.