"MMC Corp Bhd said yesterday it has signed a memorandum of understanding (MoU) with the Dubai Government's investment arm to explore building a massive maritime centre and property development in Johor worth an estimated RM16bil.
The MoU, signed with Dubai World, would explore opportunities for joint development of a maritime centre master plan comprising oil terminal activities, dry docks, a shipyard, conventional cargo handling facilities, logistics parks and real property development in South Johor.
The development would include MMC’s 2,255-acre property in Tanjung Bin, Johor, the company said in a filing with Bursa Malaysia". For more, go to the news report in The Star today.
From the weekly chart below, we can see that MMC is in a medium-term uptrend. Nevertheless, the share price has been drifting lower in a short-term downtrend. The positive news on the MOU has prompted the share price to break above the short-term downtrend at the RM7.70 level. The share price went as high as RM8.30 before retreating. As at 4.15 pm, MMC was trading at RM7.90.
Chart : MMC's weekly chart as at September 24 (courtesy of Quickcharts)
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