KUALA LUMPUR: Shares in Ho Hup Construction Co Bhd rose over 4% in early trade after securing a RM137mil contract for upgrading works under phase two of the Klang Valley Double Track (KVDT) project.
The construction engineering company rose 4.21%, or two sen to 49.5 sen, its highest in almost two weeks with 1.26 million shares traded.
The group said the 36-month contract, awarded by Dhaya Maju Infrastructure (Asia) Sdn Bhd, entails the design, construction and maintenance of the proposed upgrading of Keretapi Tanah Melayu Bhd's stations and facilities.
Ho Hup Group CEO Datuk Derek Wong Kit-Leong said this was the third contract win for the group in the last three months.
“We believe the group’s expertise and track record in rail infrastructure projects put us in a good position to secure more contracts in the coming months, ” he said.
“With the government’s plan to speed up the implementation of rail infrastructure projects to create multiplier effects and spin-offs economic activities that are dearly needed at this point of time, we will be positioning our bids competitively, ” he added.
Ho Hup’s tender book stands at RM2.46bil currently, of which RM814mil are in rail-related projects.