Quick take: GDB shares up 2% on a new contract win

KUALA LUMPUR: Shares of GDB Holdings Bhd rose over 2% in early trade on Friday after the company secured a RM213.3mil hotel development contract.

The construction engineering company, is among the top gainers on Bursa Malaysia, adding 2.18%, or five sen to RM2.34. It is currently trading at a PE ratio of 11.21 times.

GDB has secured its first contract in East Malaysia to build the Hyatt Centric hotel in Kota Kinabalu, Sabah, for a provisional contract value of RM213.3mil.

GDB said its unit Grand Dynamic Builders Sdn Bhd executed the Letter of Intent (LOI) from Hap Seng Consolidated Bhd’s unit Sunhill Ventures Sdn Bhd to undertake construction works for the 5-star Hyatt Centric hotel.

It said the 22-storey development features 222 guestrooms and will cater to adventurous, leisure and business guests as a convenient gateway of access to the commercial district, shopping mall, restaurants, as well as other local attractions in Sabah and Borneo.

The contract will be for a period of 22.5 months, commencing on Jan 2,2020, and scheduled for completion on Nov 16,2021.

Source: TechRadar