Hot Stock Instacom rebounds to day high, confirms RM205 mil Sarawak job

Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Monday, 20 May 2013 16:04
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KUALA LUMPUR (May 20): Instacom Group Bhd rebounded to its
intraday high in afternoon trade after the firm said it has secured a
RM205 million telecommunication network and infrastructure project in
Sarawak.
At 3.28pm, the exchange's 10th most-active stock rose as much as
three sen or 8% to 42.5 sen with some 32 million shares done.
The stock which has been actively traded since morning had earlier
reached its intraday high of 42.5 sen at 9.01am before paring gains to a
low of 40.5 sen at 9.41am.
Instacom said today it has accepted the letter of award (LOA) for the
project from 1 M Utama Sdn Bhd. The validity of the LOA is, however,
subject to an agreement to be entered into between both firms.
Barring any unforeseen circumstances, Instacom said the project is
expected to contribute positively to its financials for the years ending
December 31, 2013 to 2015.
News reports, quoting sources, had speculated 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.