Perstima shares rise on new manufacturing plant

KUALA LUMPUR: Shares of Perusahaan Sadur Timah Malaysia (Perstima) Bhd went up over 5% in early trade Thursday after the company announced plan to set up manufacturing plant in the Philippines.

Perstima, the second top gainer, rose 5.59%, or 26 sen to RM4.91. Over the past one year, its shares have gained 12.16%. It is currently trading at a P/E Ratio of 11.37 times.

The group plans to set up a new plant for the manufacturing of tinplate and tin-free steel in the Philippines.

It said the plant was subjected to the approval of the local authorities in the Philippines.

Perstima said it has conducted a feasibility study on the market in the Philippines and found that there is currently no existing tinplate and tin-free steel manufacturer there.

Stock on the Move , Perstima