Quick take: Cymao slumps to low of RM1.55

shares fall2

KUALA LUMPUR: Cymao Holdings Bhd’s share price came under pressure on Thursday as it fell to a low of RM1.55, the lowest since Jan 12, as investors took profit after the recent rally.

At 11.19am, it was down 29 sen to RM1.64. It tumbled 57 sen to RM1.93 on Wednesday.

Shares of the plywood manufacturer hit a high of RM3.45 on Jan 19 ahead of the announcement of a contract win by its unit Billion Apex Sdn Bhd.

On Wednesday, the company announced Billion Apex had secured a RM134.02mil contract for a proposed mixed development project in Sungai Kelian Baru, Perak. The contract from HYC Properties Sdn Bhd for the contract which includes site clearance, hoarding and earthworks for the project.

Cymao estimated the cost for undertaking the work is to be approximately 80% to 85% of the contract value.

“The estimated profit to be derived from the award is approximately 15% to 20% of the contract value, ” it said.

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