ATA IMS Bhd emerged as one of the most active counters on Bursa Malaysia at midmorning today after announcing its plan to venture into the household appliance business with a partner from China.
At 11.51 am, the counter rose six sen to 43.5 sen, with 29.60 million shares changing hands.
On Thursday, the company said it entered into a joint venture (JV) agreement with China’s Jinhua Chunguang Technology Co. Ltd (Chunguang) for the incorporation of the JV company, Suntone (Malaysia) Technology Sdn Bhd (Suntone).
Chunguang specialises in research and development, production and sales of cleaning electrical hoses and accessories.
ATA IMS would hold a 49 per cent stake in Suntone via an investment of RM4.9 million and the remaining 51 per cent stake valued at RM5.1 million will be taken by Chunguang.
Source: BERNAMA News Agency