Quick take: Magna Prima gains 7% on partnering PowerChina Construction

KUALA LUMPUR: Shares in Magna Prima Bhd rose almost 7% in early trade Friday after announcing its partnership with PowerChina Construction Group Ltd to bid for an engineering, procurement and construction (EPC) contract.

The counter, one of the top gainers on Bursa Malaysia, rose 6.98%, or six sen to 92 sen. In the past one year, the counter has fallen 5.64%.

Magna Prima announced that it is partnering PowerChina to bid for an EPC contract for the third phase of a local project, involving Permodalan Nasional Bhd (PNB).

PowerChina is a member company of Chinese state-owned enterprise Power Construction Corp of China.

The company is involved in the provision of integrated service and systeamic solutions in various energy and infrastructure aspects.

Both parties signed a memorandum of understanding (MoU) to establish a consortium, which will collaborate and bid for the EPC contract for the Phase 3 development, including the negotiation and entering into related agreements with PNB.

Source: TheStar