Shin Yang shares hit 20-month high after car dealership takeover

KUALA LUMPUR (July 12): Shares in Shin Yang Group Bhd (KL:SYGROUP) rose to a 20-month high after the Ling family, which is behind the shipping company, tabled a proposal to expand its car dealership business in east Malaysia.

The counter rose 9.5% or 7.5 sen to 86.5 sen, its highest since November 2022. The stock then pared gains to trade at 85.5 sen at 9:15 a.m., valuing the company at RM1.03 billion on Bursa Malaysia. Total trading volume so far was 5.2 million shares, more than double its 20-day moving average.