MTD Capital surges to record high of RM8.50

Shares of MTD CAPITAL BHD [] rose to a fresh all-time high of RM8.50 on Thursday, Dec 16 as it stands to gain RM150m annually from a proposed Philippine toll hike in South Luzon Expressway.

At 3.52pm, it was up 50 sen to RM8.50 with 205,400 shares done. The year low was RM2.75 on Jan 21.

However, the FBM KLCI was down 10 points to 1,499.10. Turnover was 966.70 million shares valued at RM1.19 billion. Losers beat gainers 487 to 218 while 258 stocks were unchanged.

The Edge FinancialDaily reported on Dec 1 that MTD Capital, Malaysia's second largest highway operator and owner, could rake in at least some RM150 million in annual toll revenue from the South Luzon Expressway (SLEX) in the Philippines next year if higher toll rates there are implemented in January 2011.

The Philippines' business paper BusinessWorld, quoting Julius G Corpuz, an official with the Philippines Toll Regulatory Board (TRB), reported that the implementation of higher toll rates could happen in the first week of January next year.

Adapted: The Edge