Hot Stocks George Kent, Puncak rise on being shortlisted for Petronas project

by **Cals** Wed 06 Aug 2014, 01:07

Hot Stocks George Kent, Puncak rise on being shortlisted for Petronas project

Business & Markets 2014

Written by Jonathan Gan of theedgemalaysia.com

Tuesday, 05 August 2014 11:29

KUALA LUMPUR (Aug 5): George Kent (M) Bhd and Puncak Niaga Holdings Bhd rose on news that the companies were shortlisted for Petroliam Nasional Bhd's (Petronas) Pengerang Integrated Petroleum Complex project.

At 10:30am, George Kent, the fourth-largest gainer on Bursa Malaysia, gained 11 sen or 5% to RM2.27. The counter saw some 2.5 million shares traded.

At current levels, Kenanga Investment Bank Bhd said in a note George Kent shares were overbought.

Bursa Malaysia's website showed that George Kent shares had risen to current levels from about RM1.20 in March this year.

Today, The Edge Financial Daily, quoting sources, reported that four parties were shortlisted by Petronas for the supply of water pipes to its Pengerang Integrated Petroleum Complex in Johor.

The four parties are Puncak Niaga, Ho Hup Construction Co Bhd, and privatised entity Loh & Loh Corp Bhd besides a joint venture between George Kent and Salcon Bhd.

Puncak shares rose one sen or 0.3% to RM3.41 while Salcon was unchanged at 90.5 sen.

According to the report, the contract is estimated to be worth RM300 million.

The RM89 billion PIC project in southeast Johor is expected to spin off a slew of construction and engineering contracts to local as well as foreign companies.

Last Thursday, George Kent Group Chairman Tan Sri Tan Kay Hock announced that it could be eyeing a re-entry into the oil & gas sector.

“Oil and gas is a very exciting industry, so we want to go into it as well but we want to go into the right space with the right targets,” Tan said then.