KUALA LUMPUR: UOA Development Bhd, which carried out the biggest initial public offering (IPO) so far this year, had a disappointing maiden day on the stock exchange yesterday-Shares of the property developer ended its brisk trading day at RM2-59 yesterday, 1 sen lower than what institutional investors paid under its IPO- It was also the most active stock on the local bourse, with some 78 million shares changing hands- Earlier, the stock had touched an intra-day high of RM2-62 a share, before sinking to an intra-day low of RM2-48- Still, the closing price was above the RM2-52 per share it sold to retail investors- Based on yesterday's closing price, its RM3-1 billion market value makes it the fifth biggest property developer after UEM Land Bhd, SP Setia Bhd, IJM Land Bhd and IGB Corp Bhd- Chief operating officer David Khor told reporters after the listing ceremony that the company is optimistic of its stock performance- "At this time, we are still happy with our share's performance," he said- About two days ago, the group said it has already bought two pieces of land in Sri Petaling for RM50 million- "We plan to build a high-end condominium on it, but details of the projects have yet to be finalised," he said- Development is due to start in the fourth quarter of this year- UOA posted a net profit of RM130 million for the first quarter ended March 31- Revenue stood at RM145-7 million- It will also start developing properties that are friendly to the environment- "In line with the government's call to go green, we plan to integrate environmentally-friendly features in all of our commercial developments," Khor said- ...

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