Quick take: Mitrajaya shares gain 7% on building contract

KUALA LUMPUR: Shares of Mitrajaya Holdings Bhd climbed more than 7% in early trade Thursday on bagging a RM137mil building contract.

The construction engineering company added 7.41%, or two sen to 29 sen. It is one of the most actively traded counters on Bursa Malaysia with 5.14 million shares traded. It is currently trading at a PE ratio of 5.27 times.

Mitrajaya has secured a RM137mil contract to build a block of 37-storey condominium with amenities at Mont’ Kiara here.

Mitrajaya said its wholly-owned subsidiary Pembinaan Mitrajaya Sdn Bhd has received a letter of award from Milik Harta Sdn Bhd, a member of UEM Group, for the proposed project.

The contract is for 30 months from the date for possession of site on Dec 30.

“The contract is expected to contribute positively to the group’s earnings and net assets for the financial years ending Dec 31,2020 to June 30,2022. The contract will not have effect on the share capital and shareholding structure of Mitrajaya,” it added.

Source: TheStar