A MISPERCEPTION over the award of a project has cost Muhibbah Engineering Bhd dearly and also given management a big headache. The company’s shares have been sold down, wiping out some RM153mil from its market capitalisation in a week, while senior management of the company scrambled to meet investors and analysts to explain the situation.
The crux of the issue, the management believes, is the difference between the Pengerang project and the Refinery and Petrochemical Integrated Development (Rapid). Both are located in Pengerang but are two different tender areas.
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