MPCorp jumps 18.18% on talks to re-develop Wisma MPL

KUALA LUMPUR (Jan 3): Shares in Malaysia Pacific Corp Bhd (MPCorp) jumped 18.18% early this morning after the company said it is in the midst of negotiating with The 21st Metallurgical Development (M) Sdn Bhd (T21) for the re-development of Wisma MPL on Jalan Raja Chulan here.

At 9.03am, MPCorp rose 2 sen to 13 sen with 200,100 shares done.

"T21 and the company have agreed to incorporate a joint venture (JV) company to acquire the company’s shop lot and office units in Wisma MPL," it said in a filing with Bursa Malaysia today.

MPCorp said it and T21 wish to subscribe to shares in the JV company and to regulate their rights as shareholders in accordance with the terms and conditions of the JV agreement. The negotiation is currently in the final stage and final JV agreement has been served to T21 for its execution," it added.

Wisma MPL is one of MPCorp's two core assets, besides the 490-acre (198ha) tract it owns in Johor. Completed in 1973, it was previously known as Wisma MPI and then as Wisma HLA. — theedgemarkets.com

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