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Saturday, February 8, 2014

Minetech said to be in talks for tie-up with Sany Group of China (Star)

Minetech, whose stock has been dominating the penny stock scene in recent weeks, could likely see a tie-up with the Sany Group, a large China company involved mainly in the manufacturing of heavy machinery.

Sources say the cooperation could be centred around the construction of a hotel and casino in Cambodia and could even go a step further should Sany decide to take up a substantial stake in Minetech, which is essentially a quarry operator.

However, executives of both companies are still discussing the matters and nothing is set in stone, sources say.

“The situation is fluid and anything can be decided at any point,” says one source.

Executive director Matt Chin Leong Choy when contacted, declines to divulge anything more than confirming that he is leaving for China tomorrow to discuss “business opportunities.”

Minetech has already confirmed that it is at the exploratory stage of discussions “with a party to undertake construction and raw material supply in relation to a casino and hotel project in Cambodia”, confirming an earlier StarBizWeek story.

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