Malton's share price rises 15% on Taipei project win

KUALA LUMPUR: Malton Bhd's share price is picking up in early Friday trading on news that its joint venture has been selected for the construction of a superstructure in Taipei, Taiwan.

At 9.10am, the counter was up 6.5 sen or 15.85% to 47.5 sen on the back of 2.08 million shares traded.

In stock exchange filing yesterday, Malton said the Department of Rapid Transit Systems in Taipei had selected its joint venture with Hong Kong's Nan Hai Corp Ltd as the best bid for the project. 

Malton holds a 20% interest in the bid while Nan Hai owns the other 80%.

Acocrding to the group's filing on Oct 2, the project involves the development of a landmark high rise multipurpose complex comprising hotel, retail and prime office space above the airport express train station that has a base area of approximately 31,700 sq m.

This complex will have direct access to the Taipei City station of the express rail service to the Taoyuan International Airport.