Kim Teck Cheong rises 3.33% on appointment as Abbot distributor in Sarawak

KUALA LUMPUR (Oct 14): Kim Teck Cheong Consolidated Bhd (KTC) shares rose 3.33% this morning after its unit had been appointed as a distributor of Abbot Laboratories (M) Sdn Bhd’s nutrition products in Sarawak.

At 11.36am, KTC gained 0.5 sen to 15.5 sen for a market capitalisation of RM79.09 million.

The appointment is for a period of 26 months, starting from Nov 1, 2019 to Dec 31, 2021, and may be continued after the expiry, subject to a review by Abbot’s management.

KTC said the appointment is expected to contribute positively to its earnings for the financial year ending June 30, 2020 (FY20).

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