KUALA LUMPUR (March 7): Wintoni Group Bhd shares shot up 33.33% in the morning trade today, after Techway Engineering Sdn Bhd said it would be seeking a listing on the ACE Market of Bursa Malaysia, through a backdoor listing via Wintoni. Techway Engineering is a supplier and contractor of engineering and technical services and products relating to renewable energy owned by directors Lim Kuan Joo and Ismail M. Shuhud. In a filing to Bursa yesterday, Wintoni said it had signed a Memorandum of Understanding with Lim and Ismail (vendors) and a new company to be incorporated by the vendors (NewCo) under a proposed reverse takeover exercise. Wintoni said the parties aim to sign the definitive agreements on or before Sept 30, 2017. As at 11am today, Wintoni rose one sen to four sen, with 34.57 million shares traded.

Source: The Edge Markets March 07, 2017 03:22 UTC