MARKET DEVELOPMENT
Matang Falls 3.85% on Losing Bid For Land and Oil Mill
Matang Falls 3.85% on Losing Bid For Land and Oil Mill
12/05/2017 (The Edge Markets MY) - Matang Bhd fell 3.85% in early trade today after it lost the bid for two parcels of oil palm land in Raub, Pahang, alongside a 60-tonne per hour palm oil mill on-site.
At 9.02am, Matang fell 0.5 sen to 12.5 sen with 10.21 million shares done.
“Matang has received today a letter dated May 9, 2017 informing the company that the tender submitted for the proposed land and oil mill was unsuccessful,” it said yesterday. The tender deposit paid on April 19, 2017 had also been returned to the group.
Matang bid for the leasehold land — totalling 4,219.79 acres — from Raub Mining & Development Company Sdn Bhd and Raub Oil Mill Sdn Bhd in April 19, and it intended to pay via bank borrowings and fund-raising exercises.
At 9.02am, Matang fell 0.5 sen to 12.5 sen with 10.21 million shares done.
“Matang has received today a letter dated May 9, 2017 informing the company that the tender submitted for the proposed land and oil mill was unsuccessful,” it said yesterday. The tender deposit paid on April 19, 2017 had also been returned to the group.
Matang bid for the leasehold land — totalling 4,219.79 acres — from Raub Mining & Development Company Sdn Bhd and Raub Oil Mill Sdn Bhd in April 19, and it intended to pay via bank borrowings and fund-raising exercises.