Quick take: Gagasan Nadi Cergas rises on RM385mil contract win

KUALA LUMPUR: Shares in Gagasan Nadi Cergas Bhd edged up in early trade after securing construction contracts worth RM385mil.

The integrated construction specialist added 3.17%, or one sen to 32.5 sen with over one million shares done. Year-to-date, the counter has appreciated 4.8%.

Gagasan Nadi Cergas has secured contracts worth RM385mil from Paramount Corp Bhd to build 2,005 units of high-rise affordable homes in Selangor.

The turnkey contracts involve 929 units of affordable homes in Kemuning Utama worth RM189.79 million, and 1,076 units of affordable homes in Greenwood Salak Perdana worth RM195.21mil.

It said construction is scheduled to commence in the second and third quarters of 2022 for 36- and 48-month periods.

The group said the deal is expected to contribute positively to the group's earnings and net assets per share for the year ending Dec 31, 2021.

The group has a current outstanding orderbook of RM1.7bil.

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