Hot Stock Hiap Teck up 5% after inking MoU with China firm
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Hot Stock Hiap Teck up 5% after inking MoU with China firm
- Hot Stock
[size=28]Hiap Teck up 5% after inking MoU with China firm
By Meena Lakshana / theedgemarkets.com | June 16, 2016 : 1:25 PM MYTKUALA LUMPUR (June 16): Hiap Teck Venture Bhd rose as much as 5% after its 55%-owned subsidiary Eastern Steel Sdn Bhd inked a memorandum of understanding (MoU) with Angang Group Hong Kong Co Ltd for a possible collaboration between both companies.
Angang is a wholly-owned subsidiary of China's Ansteel Group Corp.
In Malaysia, shares of Hiap Teck rose as much as 1.5 sen to 32.5 sen. At 12:30pm, the stock settled at its intraday low at 30.5 sen for a market capitalisation of about RM217 million.
The stock, which saw some 10 million shares traded, was earlier transacted among Bursa Malaysia's top ten active stocks.
Yesterday, Hiap Teck announced that under the MoU, Eastern Steel and Angang would have exclusive negotiations on the collaboration, which included Angang's possible equity participation in Eastern Steel.
Hiap Teck said the company and Angang would have 60 days from this July 1 for the exclusive negotiations, which could lead to a "formal agreement within the exclusivity period".
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