KUALA LUMPUR (April 20): Hua Yang Bhd rose 2.83% this morning after company said it is planning to up its stake in Magna Prima Bhd by 20.12% or 66.89 million shares, for RM123.75 million or RM1.85 per share, to 30.96%.

At 9.12am, Hua Yang rose 3 sen to RM1.09 with 108,00 shares traded.

Meanwhile, Magna Prima jumped 3.25% or 5 sen to RM1.59 with 220,000 shares done.

Hua Yang's wholly-owned subsidiary Prisma Pelangi Sdn Bhd has inked a conditional share sale agreement with Fantastic Realty Sdn Bhd, and five other individuals — Lee Shu Shun, Lee Kok Meng, Yap Fatt Thai, Kok Sew Hong and Kok Siew Hwa — for the proposed acquisition.

On completion of the proposal, Magna Prima would become an associate of Hua Yang, which now has a 10.84% stake in Magna Prima, acquired on Jan 25. — theedgemarkets.com

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