Hot Stock Bina Puri up 13% after news on RM441m construction award

Hot Stock Bina Puri up 13% after news on RM441m construction award
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Thursday, 26 September 2013 12:19

KUALA LUMPUR (Sept 26): BINA PURI HOLDINGS BHD [] rose as much as 13% after news that it has been awarded a CONSTRUCTION [] contract worth RM441 million.

Yesterday, the mid-sized company announced it has secured a contract worth RM441 million from a Sime Darby joint venture company to undertake the construction of super-structure works of a project.

This would be the second construction job it has won this month, in addition to a joint venture project.

At 11.47 am, the company controlled by politician-businessman Tan Sri Tee Hock Seng rose 6.5 sen or 8.4% to 84 sen on active trades of 3.86 million shares.

In earlier trades, the ninth most active stock had shot up to as high as 87.5 sen, or 13% higher than yesterday’s close. This was against the decline of the FBM KLCI, which was down 6.25 points at 1777.8.

Yesterday, Bina Puri said it had accepted a letter of award from Sime Darby CapitaMalls Asia (Melawati Mall) Sdn Bhd and the contract period would be 24 months.

“With the latest award, we have thus far secured RM775.3 million worth of projects this year. We are confident to add more to our existing book order before the year end,” said Bina Puri in its statement yesterday.

“Our current un-built book order stands at RM1.9 billion as at to date,” it added.