CN Asia shares up 20% on property sale to LTKM
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CN Asia shares up 20% on property sale to LTKM
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[size=28]CN Asia shares up 20% on property sale to LTKM
By Gho Chee Yuan / theedgemarkets.com | June 14, 2016 : 3:36 PM MYTKUALA LUMPUR (June 14): CN Asia Corp Bhd shares jumped as much as four sen or 20% after the Practice Note 17 entity said it signed a sale and purchase agreements to dispose of two properties in Serdang, Selangor, for RM36.69 million.
Shares of CN Asia, a steel storage tank manufacturer, rose to their intraday high at 24 sen today. At 2:32 p.m., the stock was traded at 23 sen for a market value of RM10.44 million, albeit on thin trades of 20,000 shares.
Yesterday, CN Asia told Bursa Malaysia that the buyer for both leasehold properties along Tempat Jalan Balakong was LTKM Bhd.
Following the sale, CN Asia said it would lease back both properties from LTKM.
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