Tan Chong Up 1.4%; Signs Deal With Fuji Heavy

Tan Chong Motor Holdings (4405.KU) is up 1.4% at MYR4.90 (it rose to MYR4.97 earlier) after Fuji Heavy Industries (7270.TO) said it will sign a deal with Tan Chong to produce around 500,000 vehicles per year in Malaysia. A local dealer says a deal with Fuji Heavy, which manufactures the Subaru brand of vehicles, will help Tan Chong diversify from its staple income of assembling Nissan automobiles. "It's too early to tell if it would help Tan Chong's businesses overseas. (But) this deal will keep them busy for some time to come," says the dealer.