| 16 Mar 2012 Zelan
May Rise; Gets Transport Terminal Project |
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(An item at 0008 GMT misstated the
psycholofgical resistance for the stock. The correct version follows:)
Zelan
(2283.KU) may open higher after the company says in an exchange filing that its
95%-owned unit Terminal Bersepadu Gombak signed a concession agreement with the
Malaysian government to build and operate a transport terminal; construction
will cost MYR307.4 million which would be completed within 27 months while the
government will pay MYR3.1 million a month for 25 years and 3 months to operate
the terminal, Zelan says in an exchange filing Thursday.
The news will likely
help Zelan reverse a two-day decline amid weakness in the broader market; the
stock may head towards its psychological resistance of MYR0.50 on the back of
rising volume, paving the way for it to challenge the year-to-date's high of
MYR0.55 hit on February 14. The stock ended Thursday down 2.1% at MYR0.47.
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