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Hot Stock Berjaya Corp rises 3.75% on pharmacy chain tie-up

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Hot Stock Berjaya Corp rises 3.75% on pharmacy chain tie-up

Post by Cals Sat 05 Mar 2016, 03:07

Hot Stock

[size=28]Berjaya Corp rises 3.75% on pharmacy chain tie-up

By Surin Murugiah / theedgemarkets.com | March 4, 2016 : 9:49 AM MYT

KUALA LUMPUR (March 4): Berjaya Corporation Bhd (BCorp) shares rose 3.75% in early trade after today after the company said it was teaming up with Australian company CW Retail Asia Pty Ltd to operate a pharmacy chain within and outside Malaysia, under the name of Chemist Warehouse Berjaya Asia.

At 9.28am, BCorp rose 1.5 sen to 41.5 sen with 9.14 million shares done.

In a filing with Bursa Malaysia yesterday, BCorp said the venture will involve its wholly-owned unit Berjaya Group Bhd acquiring an 80% stake in a pharmaceutical company, Morning Charm Sdn Bhd, for RM80,000. Morning Charm wholly owns another pharmaceutical firm by the name of Monarch Wonder Sdn Bhd.

BCorp said Morning Charm and Monarch Wonder signed a joint venture (JV) cum shareholders' agreement today with CW Retail to operate Chemist Warehouse Berjaya Asia.

Morning Charm and Monarch Wonder will own 75% of the JV company, with CW Retail controlling the remaining 25% stake.
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Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
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