KUALA LUMPUR (July 15): JayCorp Bhd shares rose 1.55% this morning after the firm said it is partnering Hongkong-based Honsoar International Ltd (HIL) to manufacture and sell kitchen cabinets and bathroom vanity cabinets.
At 9.10am, JayCorp added 1.5 sen to 98.5 sen for a market capitalisation of RM135.19 million.
The two companies signed an agreement yesterday to form a joint venture, Honsoar Cabinetry Sdn Bhd, to undertake the business, it said.
JayCorp will have a 60% equity interest in Honsoar Cabinetry, with HIL holding the remaining 40%. The joint venture is anticipated to commence business by the second quarter of the financial year ending July 31, 2020.