Quick take: HeiTech Padu gains 10% on news of Socso contract

KUALA LUMPUR: Shares of HeiTech Padu Bhd rose in active trading on Wednesday morning, after the company announced on Tuesday evening that it has secured RM23mil contract from Social Security Organisation (Socso).

The counter, one of the top gainers, rose 10%, or seven sen to 77 sen with 1.8 million shares traded. In the past one year, HeiTech has gained some 28.33%.

HeiTech Padu has been awarded a RM23.33mil contract for the development and integration of Socso scheme management application system.

The group said it has accepted the letter of award issued by Socso for the 38-month contract which commences on March 13, 2019 till May 12, 2022.

The contract is expected to have positive impact on the future earnings and earnings per share of the group but will not have material impact on the dividend policy, share capital and substantial shareholdings of the company for the financial year ending Dec 31, 2019.

Source : TheStar