Hot Stock Ekovest rises 4.4% on DUKE expansion

Business & Markets 2013
Written by Zatil Husna of theedgemalaysia.com
Thursday, 14 November 2013 11:34
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KUALA LUMPUR (Nov 14): Ekovest Bhd rose as much as 4.4% on news that it
has submitted two proposals to expand the Duta-Ulu Kelang Expressway
(DUKE) here, remisiers say.
The project is worth RM2 billion. As at 10.46am, Ekovest changed hands at
RM2.85, up 12 sen from RM2.73 with some 4,000 shares done.
“The news has some effect on the group’s stock gain on the exchange today.
However, technical wise, it is still quite flat.
“It will take time for the market to respond,” SJ Securities senior remisier Goh
Kay Chong told theedgemalaysia.com.
Ekovest shareholders have approved the company’s proposal for the
phase-two extension of DUKE.
The extension comprises two additional links, namely the Sri Damansara and
the Tun Razak entities. This will expand DUKE to 34km from the current 18km.
Ekovest intends to raise up to RM2.3 billion via bonds to fund the DUKE
extension and refinance existing borrowings.
BIMB Securities said in a report that Ekovest’s share price's immediate support
is seen at RM2.705 while resistance is seen at RM2.755.