Quick take: Kanger up 3% on foray into construction


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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Kanger , construction , Kanger Ventures

   

Did you find this article insightful?

Yes
No

Next In Business News

AirAsia Group plans air taxi, drone delivery service
Tengku Zafrul: Govt tapping into more data for effective aid
AirAsia recovering well via digital transformation
Texas grid operator made $16bil price error during winter storm, watchdog says
CPO futures to see quiet trading next week
Boeing 737 MAX declared emergency after engine shutdown, lands safely
Senate stalls on Biden's US$1.9tril COVID aid bill over jobless benefits fight
Oil surges after OPEC+ holds cuts, strong US jobs growth
US labor market roars back; full recovery still years away
GLOBAL MARKETS-Wall Street surges on jobs data, global equity markets regain ground

Stories You'll Enjoy


Vouchers