Quick take: Ikhmas Jaya shares lifted by contract wins

KUALA LUMPUR: Ikhmas Jaya Group Bhd shares rose 7.8% in early trade Tuesday after the contractor said it secured two subcontract jobs worth RM75.3mil.

One of the most actively traded counters, Ikhmas Jaya rose 7.89%, or 1.5 sen to 20.5 sen with 6.98 million shares done.

Ikhmas Jaya is principally involved in the engineering and construction of piling and foundation, bridges and buildings.

Ikhmas Jaya has secured two subcontract jobs for the SetiawangsaPantai Expressway (SPE or DUKE Phase 3) from Knusford Construction Bhd for the construction of bridge structures for different parts of the SPE.

The first contract is worth RM23.5mil and will take 37 weeks to complete, while the second project is valued at RM51.8mil and will run for 15 months.

With the latest contracts, the group’s year-to-date contract wins stood at RM470mil.

The group expects the two projects to contribute positively to Ikhmas’ earnings and net assets for the financial years ending Dec 31, 2019 and 2020.

Stock on the Move , Ikhmas Jaya