Quick take: Tanco rises 4% in active trade

KUALA LUMPUR: Tanco Holdings Bhd is one of the most actively traded counters on Bursa Malaysia in early trade with over 47 million shares done.

The property developer added 4.17%, or one sen to 25 sen, its highest since June 2011 at 9.13am. Year-to-date, the counter has surged 400% from five sen on Dec 31, 2020.

Tanco’s unit, Tanco Builders Sdn Bhd, has received a contract worth RM172.66mil from Onine Alliance (M) Sdn Bhd for the engineering, procurement, construction and completion of a proposed land reclamation project in Melaka.

The company said the proposed reclamation of land measures approximately 48.56ha and is located in the Tanjung Kling district, Melaka Tengah, ancillary to the operation of Tanjung Bruas port.

Phase 1 is expected to be completed within 2 years from the project commencement date, with the entire project to be completed in 3 years, it said.

The date of commencement of the works will be on the day of satisfaction of the due diligence findings, the company said.

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Tanco , reclamation , Onine Alliance


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