Wednesday, October 24, 2012
MegaChem: announces strategic partnership with Japanese trading co, Chori, for mutual expansion of both parties’ chemicals business through the tapping of respective marketing expertise and network. MegaChem’s agreement with Chori will focus mainly on Chori’s chemical pdts segment, catering to increasing demand for chemicals in Asia. Chori says it will acquire 29.99% stake in MegaChem, without disclosing the acquisition price. MegaChem last closed at a 52 wk high of $0.28. The stock trades at 9.9x P/E. NRA has an Overweight call with TP $0.34.