2357 GMT [Dow Jones] Genting Plantations (2291.KU) may rise, with dealer tipping stock may test MYR6.02 (14-day moving average) vs yesterday's close at MYR6.00 (down 2.1%), after company says wholly-owned unit Azzon signed JV agreement with Simon Property unit Chelsea Malaysia to develop Chelsea Premium Outlet Centres in Malaysia. Under JV agreement, companies will jointly invest, operate Premium outlet centers selling designer labels, with maiden project in southern Johor state at Kulai on a site owned by Genting Plantations, expected to open in 2011. Company says project synergistic with existing property operations, also parent Genting's leisure, hospitality footprint in nearby Singapore. Dealer says project "looks promising... players will likely be positive on the JV, but the details remain sketchy." (KPL)
Dow Jones Newswires
September 30, 2009 19:57 ET (23:57 GMT)
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