Shell Refining Company Bhd at Port Dickson is now officially Hengyuan Refining Company Bhd, following the purchase of a 51% equity stake in Shell Refining Company for US$66.3mil (RM296mil) in December last year.
KUALA LUMPUR: Hengyuan Refining
Co Bhd (HRC), whose share price has risen by 44% since the start of the month, said its directors are not aware of any unannounced corporate development or other reasons for the recent sharp rise in its share price.
The company was responding to an unusual market activity query from Bursa Malaysia Securities.
HRC's board last month approved two projects costing an estimated total of US$160mil (RM685.1mil) at its refining complex in Port Dickson.
While the new investments were announced on June 16, the steady rise in HRC share price began earlier (from the second week of May).
The counter closed 96 sen higher at RM7.86 on Monday, with 8.24 million shares crossing hands.
HRC was formerly known as Shell Refining Co (Federation of Malaya) Bhd.
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