PETALING JAYA: Hua Yang Bhd’s acquisition of a 10.84% stake in Magna Prima Bhd last week paves the way for more collaboration between both companies to develop property projects. Going forward, Hua Yang could increase its stake in Magna Prima if there are synergies and value to a deal,” said the official. Last week, in a surprise move, Hua Yang acquired the stake in Magna Prima for RM66.6mil or RM1.85 per share. “Hua Yang has built a name for itself and is well-known for its affordable housing projects. As of last Friday, both Magna Prima and Hua Yang closed unchanged at RM1.56 and RM1.08, respectively.

Source: The Star January 30, 2017 23:15 UTC