KUALA LUMPUR: Shares in Eversendai Corp Bhd
continue to run up on Thursday, a day after it surged nearly 90% on news it had bagged a combined RM5.4bil in new projects in Saudi Arabia, the UAE and India.
Shares in the structural steel specialist rose as much as 6.5 sen or 16.67% to a fresh four-year high of 45.5 sen a share in Thursday morning trade as investors continued to accumulate the stock at a harried pace.
The company's share value has more than doubled from its last traded price on March 12, 2024.
At the time of writing, the counter was the second most heavily traded on Bursa Malaysia with 83.84 million shares changing hands. At the current pace, the share turnover is on course to overtake the previous day's record of 130.42 million shares traded.
The company's warrants were also actively bought up, rising 2.5 sen to 15.5 sen apiece, with 81.03 million units crossing.
In a Wednesday filing with Bursa Malaysia, Eversendai said its subsidiary Eversendai Engineering Saudi LLC in collaboration with Albawani Co Ltd have secured their first structural steel signature building from NEOM for the Trojena Ski Village in Tabuk, Saudi Arabia.
In the UAE, another subsidiary, Eversendai Mega Structure FZ LLC, has secured the structural steel scope for the Wynn Al Marjan Island Integrated Resort Development in Ras Al Khaimah.
According to Eversendai, the resort will feature a 1,500-room luxury hotel with world-class shopping, state-of-art meeting and convention facilities, bespoke restaurants and lounges, extensive entertainment choices and other amenities.
Meanwhile, Eversendai's subsidiary in India has secured two structural steel projects, which includes the Rupa IT Building and Rupa Crystal IT Building.
The group said the new projects have increased its outstanding order book to a record RM6.6bil.
"The board is of the opinion that the above new projects are expected to contribute positively to the net assets and earnings of the group for the financial year ending Dec 31, 2024, and onwards until the completion of the projects," it said.
