Quick take: Sinotop jumps 34% in early trade

TheStar Wed, Apr 24, 2019 09:50am - 4 years View Original


KUALA LUMPUR: Sinotop Holdings Bhd surged 34% in early trade Wednesday after announcing that its major shareholder will inject construction firm for RM96mil.


The fabric manufacturer surged 34.55%, or 9.5 sen to 37 sen with 1.07 million shares changing hands.


Sinotop’s major shareholder Datuk Justin Soo Sze Ching plans to inject his construction company into the group in line with its strategic plan to expand and strengthen its infrastructure construction business to further enhance the group’s earnings.


Sinotop said it has entered into a conditional share sale agreement with Soo for the proposed acquisition of Asianmax Corp Sdn Bhd for RM96mil.

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