By Ying Xian Wong
Sunsuria Bhd. shares jumped Tuesday, after the property developer announced a memorandum of understanding with a China-based car-design company to establish an electric-vehicle joint venture.
The stock rose by as much as 33% to 0.68 ringgit, taking year-to-date gains to more than 95%.
Sunsuria shares had risen 53% on Monday, as the MoU was part of a foreign direct investment package representing a total commitment of MYR170 billion ($38.5 billion) in investments from China, secured in conjunction with Prime Minister Anwar Ibrahim’s visit to China over the weekend.
Sunsuria said in a bourse filing on late Monday that it signed an MoU with IAT Automobile Technology Co., which it describes as China’s largest independent car design company, to form a joint venture to carry out research and development in the area of electric vehicles and related products, and to create Malaysia’s own EV brand.
They also expect to build EV innovation parks and jointly establish an Asean Automotive Design and Innovation Center.
Write to Ying Xian Wong at [email protected]
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