Stock Track | Montrose Environmental Group Soars 5.25% Amid Conflict Over Rempang Eco-City Project

Stock Track2024-12-18

Shares of Montrose Environmental Group (MEG) surged 5.25% in the pre-market session on Wednesday, following reports of a violent clash between its subsidiary PT Makmur Elok Graha (PT MEG) and local residents opposing the Rempang Eco-City project in Rempang Island, Indonesia.

According to local media reports, PT MEG is accused of sending a large group of people to forcibly retrieve one of its employees who was detained by residents for allegedly destroying a protest banner against the Eco-City project. The incident escalated into violence, with both sides accusing the other of using weapons and causing injuries and property damage.

While the reasons behind MEG's stock surge remain unclear, the conflict highlights the ongoing tensions surrounding the Rempang Eco-City project, which aims to develop an integrated industrial, commercial, and residential area in the region. PT MEG, as the company managing the project area, has faced opposition from local communities concerned about potential environmental and social impacts.

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