KUALA LUMPUR (Jan 25): Shares in Ireka Corp Bhd jumped 7.38% in early trade this morning after the company entered into a Memorandum of Understanding with CRRC Urban Traffic Co Ltd (CRRC UT) and Shentong Express Co Ltd to establish a formal working relationship to explore opportunities in the logistics sector.

At 9.03am, Ireka rose 5.5 sen to 80 sen with 863,300 shares done.

The parties are looking into opportunities in investment and development of logistics warehouses, distribution centres, other ancillary real estate facilities, and infrastructure and equipment to support STO’s expansion in Malaysia and Southeast Asia.

CRRC UT — a member of China’s CRRC group — has a strategic stake in Ireka with an 8.48% equity interest. The CRRC Group is the world’s largest manufacturer of rolling stock, rail and transportation solutions. — theedgemarkets.com

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