Yong Tai shares suspended pending MoU

PETALING JAYA: Trading in the securities of Yong Tai Bhd has been suspended today, pending an announcement on the company's business collaboration.
The company is expected to sign a memorandum of understanding (MoU) today with four landowners, in line with its expansion plans to grow its property development business segment.
Under the MoU, the company will seek for opportunities to acquire more land with good prospects for its future development activities. The company is aggressively exploring projects in the Klang Valley, Malacca and Johor.
Established in 1971, Yong Tai's core business has switched from garment manufacturing to property development.
Its maiden property development, The Pines, is a joint venture with Malacca-based PTS Properties Sdn Bhd with a gross development value of RM120.9 million.
Located in Malacca, the 29-storey four-star luxury condominium hotel is fully completed and sold.
The company is also the project manager for The Apple and Courtyard by Marriott, a 16-storey four-star hotel and 32-storey service apartment in Malacca. The hotel operations will be managed by the Marriott Group.