Quick take: Mesiniaga jumps 14% on new contract


KUALA LUMPUR: Shares in Mesiniaga Bhd jumped 14% in early trade Tuesday after the company secured a RM42mil contract from the Customs Department.

The IT solution provider rose 14.05%, or 17 sen to RM1.38, its highest since November 2019. It is currently trading at a PE ratio of 10 times. Year-to-date, the counter has risen some 12%.

Mesiniaga has bagged a RM42.01mil contract from the Royal Malaysian Customs for the provision of the MYGST maintenance systems and licence renewal services from 2020 to 2022.

The contract commences on Oct 16,2020, and is expected to be completed by Oct 15,2022.

Mesiniaga said the proposed transaction would have a positive effect on its net assets for the financial year ending Dec 31.

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