Malaysia Pacific Corp shares climb 25% on JV deals in Johor
13 Jul 2017 / 12:01 H.
PETALING JAYA: Malaysia Pacific Corp Bhd's (MPC) share price surged 25% this morning, following news that its units have entered into a joint venture agreement with Chun Fu Development Sdn Bhd to develop 13 parcels of land in Plentong, Johor Bahru.
As at 11.43am, MPC surged three sen, trading at 15 sen with some 887,500 shares changing hands. It has a market capitalisation of RM40.27 million.
MPC told the stock exchange yesterday, it expects to hold up to a 35% interest in the joint venture, while Chun Fu will hold the rest.
All profits, costs and liabilities will be shared according to the shareholding ratio, it noted.