Hot Stock Zelan jumps 4.26% on new RM307.37m contract
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Hot Stock Zelan jumps 4.26% on new RM307.37m contract
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[size=28]Zelan jumps 4.26% on new RM307.37m contract
By Surin Murugiah / theedgemarkets.com | February 18, 2016 : 9:22 AM MYTKUALA LUMPUR (Feb 18): Zelan Bhd shares jumped 4.26% in early trade today after its wholly-owned subsidiary Zelan Construction Sdn Bhd (ZCSB) bagged a RM307.37 million contract from Zelan's 95%-owned unit Terminal Bersepadu Gombak Sdn Bhd to be the main contractor for the development of the Gombak Integrated Transport Terminal (GITT) in Selangor.
At 9.05am, Zelan rose 1 sen to 24.5 sen with 490,200 shares done.
Zelan announced that Terminal Bersepadu Gombak has agreed to appoint LKSB to be the main contractor for the MRR2 works, while LKSB agrees to appoint ZCSB to carry out subcontract works related to the MRR2 works on such terms and conditions to be agreed upon between LKSB and ZCSB.
Zelan said the two contracts are expected to contribute positively to its earnings for the current financial year ending Dec 31, 2016 (FY16).
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