Quick take: Contract win sends Minetech shares up 6%

January 13, 2020 editor Minetech

KUALA LUMPUR: MINETECH RESOURCES BHD rose almost 6% in early trade Monday on the heels of its new RM28mil job for a development project.

The counter advanced 5.88%, or 0.5 sen to nine sen.

Minetech has secured a RM27.69mil contract to undertake upgrading works along the Cheras

Kajang Expressway for the proposed Emerald 9 Cheras development in Cheras, Selangor.

Minetech said its wholly-owned subsidiary Minetech Construction Sdn Bhd has received a letter of award from GLM Emerald Square (Cheras) Sdn Bhd appointing it as contractor for the proposed job. Construction work is expected to complete by the second quarter of 2022.

“The contract is expected to contribute positively to the group’s revenue, earnings and net assets for financial year ending March 31,2021,” Minetech said.

Source: TheStar