CosmoSteel

CosmoSteel: 10 days following the group's plan on exploring the possibility of establishing a strategic business relationship with a Myanmar counterparty, Cosmosteel announces that its wholly-owned subsidiary Kim Seng Huat Hardware has entered into a MOU. The non-binding MOU between Kim Seng Huat and the Myanmar counterparty will see both parties working exclusively to seek opportunities in the production, sourcing and/or distribution of piping system components and other steel products in the Energy, Marine and other industries in Myanmar. The counterparty reportedly has a headquarter in Yangon and operates in diversified business areas which include construction, hotel and tourism and trading. The share price of CosmoSteel has risen 27% since the start of May, and is currently trading at a forward P/E of 8.3x based on its last closing price of $0.33.