Quick take: Ikhmas Jaya shares gain 2.3% on LRT3 contract win

KUALA LUMPUR: Shares of Ikhmas Jaya Group Bhd rose over 2.3% after it secured a RM405mil Light Rail Transit Line 3 (LRT 3) job.

The contractor gained 2.38%, or 0.5 sen to 21.5 sen. It is one of the most active counters with 8.6 million shares traded.

Ikhmas Jaya’s wholly-owned subsidiary Ikhmas Jaya Sdn Bhd had accepted the letter of award from Pembinaan Jaya Zira Sdn Bhd for the sub-contract works for the construction and completion of LRT 3 from Bandar Utama to Johan Setia (Package GS09 - guideway, stations, park and ride, ancillary buildings and other associated works).

The duration of the sub-contract is for a period of 26 months.

Ikhmas Jaya expects the sub-contract to contribute positively to its earnings and net assets for the financial years ending December 31, 2019 till 2021.

Year-to-date, it has secured RM875mil worth of contracts.

Early this week, Ikhmas Jaya secured two subcontract jobs for the Setiawangsa–Pantai Expressway (SPE or better known as DUKE Phase 3) with a combined value of RM75.3mil, from Knusford Construction Sdn Bhd.

Stock on the Move , Ikhmas Jaya