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Monday, January 13, 2014

Minetech back on the radar? (Jupiter)

Minetech Resources Bhd has been getting some attention of late. On Dec 30, Datuk Lye Ek Seang, also a former director of Ho Hup Construction Company Bhd, ceased to be a substantial shareholder of the firm together with one Lau Chee Meng and HSBC Holdings plc. Businessman Chin Boon Long emerged as a substantial shareholder in the firm, buying a 6.91% stake on Jan 6 from the open market. The largest shareholder in Minetech currently is Sen Choy, who has a 26.76% stake. It recently proposed to enter into a joint-venture (JV) agreement with Perak-based Pantai Quarry Sdn Bhd for the development of quarry land, undertaking of quarry operations, including downstream and the undertaking of sales and marketing of quarry products. Minetech, via its subsidiary, will hold 51% in this proposed JV. Star

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