KUALA LUMPUR: Shares in Kanger International Bhd rose 3% in early trade Monday following its diversification into the construction business.
The bamboo flooring manufacturer rose 3.33%, or 0.5 sen to 15.5 sen. It is currently the fourth most actively traded counter on Bursa Malaysia with 62.6 million shares done.
Kanger’s wholly-owned subsidiary, Kanger Ventures Sdn Bhd, has entered into collaboration agreements with multiple main contractors to carry out the remaining construction works across six sites in Kuala Lumpur and Pahang totalling RM495.9mil.
Under the terms of the agreements, Kanger will be responsible for the project management role and coordinate the remaining construction work of the six projects.
The scope of works includes management of subcontractors appointed by the main contractors and the handling of financial matters which include fulfilling payments to the sub-contractors promptly.
The six construction projects are expected to be completed by December 2023, Kanger said.
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