CCM shares up on news to reactivate Pasir Gudang plant
19 Jan 2018 / 11:06 H.
PETALING JAYA: Chemical Company of Malaysia Bhd's (CCM) share price rose two sen or 0.93% this morning, after its subsidiary CCM Chemical Sdn Bhd (CCMC) approved the reactivation of its Pasir Gudang Works 1 plant, in a bid to grow its chlor-alkali business.
As at 10.31am, the stock stood at RM2.18 with 63,400 shares changing hands. CCM has a market capitalisation of RM360 million.
Yesterday, the group said the plant reactivation is expected to increase the production capacity for chlor alkali products by about 50% and thereby increasing CCMC's market share in the chlor-alkali products.
The reactivation will cost the group RM68.5 million, which also includes equipment purchase and installation cost.