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Plywood maker Cymao in final stage of discussion on new business

Plywood maker Cymao in final stage of discussion on new business

10 Dec 2020

Cymao Holdings Bhd said today the group is in the final stage of discussion with several parties on a potential new viable business venture to reduce the plywood maker’s reliance on its core business.

In its filing with Bursa Malaysia today, Cymao said that in light of the plywood industry remaining challenging, the group has been exploring new business opportunities to expand its core business or diversify its businesses to reduce reliance on the existing core business as well as to expand the company’s earnings base.

“The management of Cymao is of the view that this new business venture could potentially improve the financial performance of the Cymao Group,” the company said.

Cymao’s filing today is in response to Bursa’s unusual market activity query yesterday on the sharp rise in price and volume of Cymao shares recently.

Today, Cymao said that save for the new business venture discussion and the appointment of executive directors of Cymao, namely David Wong You King and Lim Yun Nyen as announced yesterday, the company is not aware of any rumour or report concerning the group’s business and affairs that may account for Cymao shares’ trading activity.

At Bursa’s noon break today, Cymao’s share price rose 4.5 sen or 7.2% to 67 sen with 865,300 shares traded.

At 67 sen, Cymao’s market value stood at about RM50 million.

Source: The Edge Markets