KUALA LUMPUR (July 13): Malaysia Pacific Corp Bhd (MPCorp) surged 29.17% in thin trade this morning, after it entered into a joint venture (JV) agreement with Taiwan-based Chun Fu Development Sdn Bhd to jointly develop 13 pieces of land in Plentong, Johor.

At 9.21am, MPCorp rose 3.5 sen to 15.5 sen, with 325,400 shares traded.

MPCorp said it entered the agreement via its wholly-owned subsidiaries, Taman Bandar Baru Masai Sdn Bhd and Lakehill Resort Development Sdn Bhd.

Under the agreement, MPCorp shall hold up to 35% in the JV company, while the remaining 65% will be held by Chun Fu.

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