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Hot Stock Melewar surges 4.88% on RM83m EPC contract in Johor
by Cals Thu 04 Feb 2016, 07:57
- Hot Stock
[size=28]Melewar surges 4.88% on RM83m EPC contract in Johor
By Sangeetha Amarthalingam / theedgemarkets.com | February 3, 2016 : 11:35 AM MYTKUALA LUMPUR (Feb 3): Melewar Industrial Group Bhd rose 4.88% after bagging an RM83 million engineering, procurement and construction (EPC) contract for works in the Tanjung Bin Power Plant in Johor.
At 10.51am, Melewar Industrial grew one sen to 21.5 sen on thin trade of 145,000 shares done for a market capitalisation of RM46.23 million.
Yesterday, Melewar Industrial said its 70%-owned subsidiary Melewar Integrated Engineering Sdn Bhd formalised the acceptance of the EPC by entering a contract agreement with Tanjung Bin Power Sdn Bhd, a subsidary of Malakoff Corp Bhd.
The contract involves procuring and installing a new conveyor belt, and modification works for the existing coal handling systems at the plant.
The contract is expected to generate RM83 million in revenue over the period of engagement that will cut across at least two financial periods.
"The expected pre-tax earnings contribution of the engagement is comparable to typical EPC contracts, which could range around 5% of the contract sum," it said.
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