Ann Joo down while Southern Steel up on JV announcement

Ann Joo down while Southern Steel up on JV announcement

The Edge Markets - Malaysia·2019-10-07 16:49

KUALA LUMPUR (Oct 7): Shares of Ann Joo Resources Bhd and Southern Steel Bhd received mixed reactions upon resuming trade in the afternoon following their announcement of a new 55:45 joint venture (JV).

As at 3.40pm, Ann Joo was down 4.88% or six sen to RM1.17, with 2.05 million shares done. While Southern Steel rose 3.06% or three sen to RM1.01, with 608,800 shares done.

Earlier the two firms announced they had signed a memorandum of understanding to establish a JV company to synergise opportunities in the long product steel manufacturing business.

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