Quick take: Teck Guan hits limit-up, surges 33%

KUALA LUMPUR: Shares of Teck Guan Perdana Bhd hit limit-up, surging the maximum 30 sen a share to RM1.20 on Wednesday.

The counter, the second top gainer on Bursa Malaysia, surged 33.33%, or 30 sen, the most in almost nine years to RM1.20. Year-to-date, the counter has gained more than 71%. However, it declined 29% in the past 52 weeks.

Early this week, China signed four purchase intent documents for the export of 1.62 million tonnes of palm oil from Malaysia. Two of the agreements were inked with Teck Guan.

Teck Guan’s subsidiary Cacao Paramount Sdn Bhd inked one of the palm oil purchase deals with China’s Yizheng Fangshun Industry Ltd Co, under which the latter would buy 120,000 tonnes of refined, bleached and deodorised (RBD) palm stearin.

Yizheng Fangshun also signed a similar document with Sarawak Oil Palms Bhd’ subsidiary SOP Edible Oils Sdn Bhd for the purchase of 100,000 tonnes of RBD palm olein.

Source : TheStar