Anzo’s share price up after announcing RM1.3b copper scrap deal

KUALA LUMPUR (June 26): Anzo Holdings Bhd’s share price rose as much as 3.5 sen or 23.33% to 18.5 sen in morning trades today after the company said yesterday it had agreed to supply up to 60,000 tonnes of copper scrap to CSTME Resources Sdn Bhd under a RM1.3 billion contract.

As at 9.51am today, Anzo shares pared gains to 17 sen with some 194 million units traded to become Bursa Malaysia’s most active stock. At 17 sen, Anzo has a market capitalisation of RM132.98 million.

Anzo’s share trade resumed today following a suspension between 4.22pm on Wednesday and 5pm yesterday in conjunction with the announcement on the RM1.3 billion copper scrap deal.

Yesterday, Anzo said in a statement to Bursa Malaysia that it had agreed to supply up to 60,000 tonnes of copper scrap to CSTME at RM23,000 a tonne for 40 months.

“CSTME had committed to Posco International Corp for the supply of copper scrap to Posco,” Anzo said.

“CSTME is desirous to purchase the products from Anzo Group to fulfil the Posco commitment.”

Source: TheEdgeMarkets