Quick take: Fajarbaru shares lifted by RM297mil contract wins

  • Business
  • Tuesday, 25 Jun 2019

KUALA LUMPUR: Fajarbaru Builder Group Bhd shares jumped 3.5% in early trade Tuesday after the company said it had secured a RM297mil contract from Malton Bhd.

The construction group rose 3.53%, 1.5 sen to 44 sen with 2.9 million shares traded. Fajarbaru-WB shed 12.5%, or 0.5 to 3.5 sen.

Fajarbaru announced that it has secured a RM297.5mil contract from Malton Bhd to develop two tower blocks for a high-rise residential development here, which is Phase 1 of the Duta Park


Fajarbaru said that its unit, Fajarbaru Builder Sdn Bhd, has won a contract from Malton Development Sdn Bhd for the project in Jalan Kuching.

The tower blocks comprising 49 and 30 levels encompass 572 and 268 units, respectively. Work on phase one is expected to be completed within 36 months.

“Fajarbaru has additionally accepted to lock in RM108mil for the construction of phase two, a tower block of 46 levels comprising 536 units.

“The award is subject to confirmation by Malton Development and the locked-in price will remain valid for 12 months from the commencement of phase one,” it said.

The current total outstanding order book of Fajarbaru will rise to RM475mil (including RM67mil of Fajarbaru’s own projects) with this new contract. Its order book is expected to support the earnings of the group for the next three years.

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