KUALA LUMPUR (July 19): Gadang Holdings Bhd is undertaking subcontract works for a total sum of RM680 million in the Rapid Transit System Link (RTS Link) project connecting Bukit Chagar, Johor Bahru to Woodlands, Singapore.
The construction engineering group said its wholly-owned subsidiary Gadang Engineering (M) Sdn Bhd had on Tuesday (July 19) accepted two letter of awards from Adil Permata Sdn Bhd, the main contractor of the RTS Link project.
The first is worth RM370 million and the second is valued at RM310 million, it said in a bourse filing, adding that they are expected to be completed by June 30, 2024.
Gadang said both packages will contribute positively to the future earnings of the group.
For the nine months ended Feb 28, 2022, Gadang recorded a net profit of RM45.68 million, up 15.6 times from a year earlier.
Gadang's share price dropped half a sen or 1.45% to 34 sen on Tuesday, valuing the group at RM247.54 million.
Source: TheEdge - 20 Jul 2022
