Perwaja, Kinsteel shares soar with plant revival plan

Operations at the Kemaman plant had halted since August 2013 and the restarting of the operations here will bode well for Perwaja.

PETALING JAYA: Steelmaker Perwaja Holdings Bhd’s shares soared 50% or 8.5 sen to 25.5 sen yesterday after it formalised the agreement with China’s Zhiyuan Investment Group Co Ltd to revive its Kemaman Plant in Terengganu.

A person with knowledge of the matter said Zhiyuan could be taking a portion of the PN17 company’s private placement and also underwrite the rights issue.