PETALING JAYA: Malton Bhd’s share price rose as much as 15.85% to 47.5 sen this morning on news of the progress made for the Taipei construction project, which it had jointly bid with Hong Kong-listed Nan Hai Corp Ltd.
At 12.03pm, the stock was trading at 46 sen with 5.48 million shares done.
The group told the stock exchange yesterday that the joint bid for the construction of a superstructure in Taipei, Taiwan, has been selected as the best bid by the local authority and the parties are set to enter into the next phase of negotiations.
Department of Rapid Transit Systems, Taipei City Government, announced that the bid submitted by Nan Hai and Malton has been selected as the best applicant for the project.
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 about 31,700 sq m. This complex will have direct access to Taipei’s express rail service station to Taoyuan International Airport.
With that, both Nan Hai and Malton will proceed into the next phase of the bidding process and will commence negotiations on the terms of an investment agreement with the Taipei City authorities and are expected to enter into such agreement in March 2019.
To recap, Nan Hai and Malton had jointly submitted a bid to the Taipei city authorities on Oct 1. Nan Hai holds 80% interest in the bid and Malton the remaining 20%.