Quick take: Contract win sends Bintai Kinden shares up 4%

July 12, 2019 editor Bintai Kinden, Stock On The Move, TNB

KUALA LUMPUR: Shares of Bintai Kinden Corp Bhd advanced 4% in early trade Friday on the heels of its new RM2.08mil contract from Tenaga Nasional Bhd (TNB).

The mechanical and electrical engineering works company, gained 4%, or 0.5 sen to 13 sen with over 8.3 million shares done. Bintai-WA jumps 20% to three sen with 1.68 million shares traded.

Bintai Kinden’s unit has secured an underground cable contract worth RM2.08mil from Tenaga Nasional Bhd (TNB).

The group said its wholly-owned subsidiary Kejuruteraan Bintai Kindenko Sdn Bhd received the letter of award from TNB, appointing it to be the contractor to undertake the proposed 132 kV single circuit underground cable from PMU (Transmission Main Intake) Galloway to PMU KLCC2.

The contract is estimated to be completed within 180 days from the commencement date, and is non-renewable.

Source: TheStar