Teck Guan shares hit limit-up on subsidiary's palm oil purchase deal
KUALA LUMPUR (March 6): Teck Guan Perdana Bhd shares continued to climb today and hit limit-up after jumping 30 sen or 33.3%, following news that a Chinese company has inked a palm oil purchase deal with Teck Guan's unit on Monday.
At 5pm, Teck Guan closed at its highest reached today of RM1.20, which valued the group at RM48.12 million, after 351,300 shares were traded.
Yesterday, the stock climbed 12.5 sen to reach 90 sen.
On Monday, it was reported that China's Yizheng Fangshun Industry Ltd Co had signed a purchase intent document with Teck Guan's subsidiary, Cacao Paramount Sdn Bhd, to buy 120,000 tonnes of refined, bleached and deodorised (RBD) palm stearin.
The purchase deal was one of four inked during the opening of the Malaysia-China Palm Oil Business Forum on Monday, which were worth a collective US$891 million or RM3.34 billion.
Sarawak Oil Palms Bhd has also continued to rise today, as its subsidiary SOP Edible Oils Sdn Bhd was party in one of the four deals, under which Yizheng Fangshun Industry intends to buy 100,000 tonnes of RBD palm olein from SOP.
Sarawak Oil Palms rose 16 sen or 6.1% to close at RM2.78 today. It climbed 3.15% to RM2.62 on Tuesday, from RM2.54 on Monday.