Quick take: Fajarbaru gains 2.8% on news of SPE contracts

August 29, 2019August 29, 2019 editor Fajarbaru, Stock On The Move

KUALA LUMPUR: Shares of Fajarbaru Builder Group Bhd rose in early trade Thursday, after the company announced that it had secured two more Setiawangsa–Pantai Expressway (SPE) highway jobs for RM42mil.

The counter, which has been on a general downtrend, rose 2.86%, or one sen to 36 sen. In the past one year, Fajarbaru has fallen some 19.26%.

Fajarbaru has secured two contracts worth a combined total of RM42.32mil from KNUSFORD BHD in relation to the SPE project.

The two projects are also known as Duta-Ulu Kelang Expressway (DUKE) Phase-3.

It said its wholly-owned subsidiary Fajarbaru Builder Sdn Bhd (FBSB) has accepted two Letters of Award from Knusford’s wholly-owned unit Knusford Construction Sdn Bhd for the works in relation to the construction and completion of bridge structure works for the Salak Interchange (Kerinchi to Salak) and also Setiawangsa to Melati.

Source: TheStar