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Hot Stock Zelan extends gains after recovering Meena payment
by Cals Wed 03 Sep 2014, 22:46
| Hot Stock Zelan extends gains after recovering Meena payment |
| Business & Markets 2014 |
| Written by Gho Chee Yuan of theedgemalaysia.com |
| Wednesday, 03 September 2014 11:19 KUALA LUMPUR (Sept 3): Zelan Bhd extended gains after the builder said it had received the 121.64 million dirham (RM104.7 million) owed to it by Meena Holdings LLC after two rounds of delays. At 10.04am, Zelan rose two sen or 5.26% to 40 sen, making the stock the fourth-largest gainer across the bourse. Some 23.12 million units were traded. The counter was traded between a low and high of 38.5 sen and 41 sen respectively, today. Yesterday, Zelan rose one sen or 3% to close at 38 sen. Today, dealer told theedgemalaysia.com over telephone that there were several factors contributing to the share price hike. He said the main reason investors started to buy the stock was due to the group receiving the money from Meena. Apart from that, he said, Zelan had also secured several jobs, which further boosted investors' confidence in the company. These include a contract to build a drawbridge in Kuala Terengganu. The drawbridge will be constructed via a 50:50 joint venture with Hasrat Sedaya Sdn Bhd. Zelan Managing Director Adnan Mohammad revealed that Zelan had an order book of RM1.2 billion. Adnan said the order book should last for about 31 months. |
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