Yong Tai hits 10-month high after announcing property project

KUALA LUMPUR (July 11): Yong Tai Bhd's share price rose further today to a 10-month high as investors reacted positively to the group's plan to jointly undertake a property development project in Ijok, near Kuala Selangor, with another company.

At 3.19pm, the stock was up 4.5 sen or 4.52% at RM1.04, its highest point since Sept 10 last year. Volume totalled 5.45 million shares.

Year to date, the counter has climbed 29 sen or 38.7%.

Early this month, Yong Tai said it has teamed up with PGCG Assets Holdings Sdn Bhd to jointly undertake a mixed development project with a gross development value of RM510 million in Puncak Alam, Ijok.

The garment-maker-turned-property developer said it has inked a memorandum of understanding with PGCG to jointly develop a 22ha piece of leasehold land and construct 1,039 properties.

PGCG is a 90%-owned indirect subsidiary of Prime Global Capital Group Inc, a public-listed company in the US. It is the registered owner of the land. — theedgemarkets.com

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