KS Oils enters into JV in Malaysia

KS Oils Ltd has announced that the Company has entered into a Joint Venture ("JV") in Malaysia with a stake of 49% for the purpose of investments / acquisitions of Palm Plantations and / or manufacture of crude palm oil. This JV would enable the Company's long term objective of backward integration and to secure raw materials sourcing for its crude Palm Oil requirement from South East Asia. The JV Company is also in the process of acquiring its first plantation in Malaysia for a negotiated consideration up to 11.50 Malaysian Ringitt.

The stock was trading at Rs.72.60, up by Rs.4.60 or 6.76%. The stock hit an intraday high of Rs.72.80 and low of Rs.67.50. The total traded quantity was 2970613 compared to 2 week average of 2038405.

Source : Equity Bulls

Keywords