SHARES of Ho Hup Construction Co Bhd
surged to their highest level since May 2000 on speculation that the company could see changes in its major shareholders and that the new owners would inject the RM1.02bil Penang Outer Ring Road (PORR) project into Ho Hup.
For the day, Ho Hup's share price rose by 91 sen or 33.3% to RM3.64 on heavy volume of 3.3 million shares on news that its major shareholder United Engineers (M) Bhd (UEM) was currently in talks to sell its entire shareholding of 32.5% for about RM2.60 a share to a group of businessmen, who are also interested to acquire an additional 5% stake owned by other shareholders.
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