Quick take: Contract win sends See Hup shares up 9.4%

KUALA LUMPUR: Shares in See Hup Consolidated Bhd rose over 9% in early trade after securing a RM91mil East Coast Rail Link (ECRL) project.

The counter, one of the top gainers on Bursa Malaysia added 9.46%, or 14 sen to RM1.62, its highest in over three months. Year-to-date, it has risen some 64%.

See Hup’s 51% owned unit, SH Moment Builder Sdn Bhd (SHM) has won a RM91.3mil contract from China Communications Construction (ECRL) Sdn Bhd.

It said the contract entails the construction and completion of part of the subgrade works of Package 2, Section 4 for the East Coast Rail Link project.

SHM is involved in the construction works and supply of various mechanical equipment.

See Hup said the project — which will be funded via internally generated funds or external borrowings — will commence on June 13, 2021, and has a duration of 26 months.

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