Ikhmas Jaya accepts RM405m LRT3 sub-contract

As the value of the company is tied to the performance of the company, it is in the interest of the warring shareholders to argue and fight outside the company.

KUALA LUMPUR: Ikhmas Jaya Group Bhd's unit has accepted a RM405mil contract for works pertaining to the construction of Light Rail Transit Line 3 from Bandar Utama to Johan Setia, from Pembinaan Jaya Zira Sdn Bhd.

The group's wholly owned subsidiary, Ikhmas Jaya Sdn Bhd, secured the 26-month contract for Package GS09 of the project, which includes the construction of the guideway, stations, park and ride, ancillary buildings and other associated works.

Including this contract, Ikhmas Jaya's year-to-date job wins comes to about RM875mil.

"The Sub-Contract is expected to contribute positively to Ikhmas’ earnings and net assets for the financial years ending 31 December 2019, 31 December 2020 and 31 December 2021," said Ikhmas Jaya in a filing with the stock exchange.

This latest job win comes off the back of an announcement yesterday that the group had secured two sub-contract jobs for the Setiawangsa–Pantai Expressway - DUKE Phase 3 worth a total of RM75.3mil from Knusford Construction Sdn Bhd.

At at 12.30pm, Ikhmas Jaya's share price was up 0.5 sen or 2.63% to 19.5 sen on the back of 8.64 million units done.