Sanichi Technologgy Bhd, a Malaysian precision moulds and toolings company, confirmed that Germany's Projektarbelt Technische Beratung Venretung International had completed the first phase of due diligence before buying a stake in the group.

A second phase is expected to be concluded early next year, Sanichi said in a Kuala Lumpur exchange filing today. The Malaysian company suspended its shares for the announcement. The stock rose 5.9 per cent to end trading at 9 sen, after earlier jumping as much as 23.5 per cent. -- Bloomberg