Hot Stock Instacom jumps 8% on rumoured RM200 mil 1Bestarinet job

Hot Stock Instacom jumps 8% on rumoured RM200 mil 1Bestarinet job
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Monday, 20 May 2013 10:13


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KUALA LUMPUR (May 20): Instacom Group Bhd jumped as much as 8% on speculation that the firm has clinched an estimated RM200 million government job to construct telecommunication infrastructures in Sarawak.

News reports, quoting sources, had indicated over the weekend that Instacom had secured the project under the Education Ministry's 1Bestarinet scheme. The 1Bestarinet scheme aims to equip schools in the state with Internet access.

At 9.55am, Instacom was traded at 40.5 sen with some 18 million shares done after rising as much as three sen to 42.5 sen earlier. The stock was the sixth most-active entity across the bourse.

Analysts had earlier anticipated that speculation on Instacom securing the job would trigger investors’ interest in the stock today.

"In terms of daily share price actions, investors will likely be focusing on stock names such as Instacom, after media reports said the ACE Market-listed company is believed to have secured a contract worth RM200 million to build telecommunication network and infrastructure to facilitate the wiring-up of schools in Sarawak," HwangDBS Vickers Research Sdn Bhd wrote in a note today.