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Wednesday, February 23, 2011

Tanco up on settling Lehman debts (BT)

Tanco Holdings Bhd, a Malaysian property developer, rose the most in two weeks after agreeing to settle outstanding credit facilities with Lehman Brothers Commercial Corp Asia Ltd, which is in liquidation.

The stock gained 7.6 per cent to 28.5 sen at 9.09 am in Kuala Lumpur trading, set for its steepest gain since Feb 8.

Tanco will pay Lehman RM44 million in cash and transfer properties valued at RM100.6 million, it said in a statement. - Bloomberg

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