Kimlun gets RM98.3 mil housing contract from Mah Sing

KUALA LUMPUR (April 28): Kimlun Corp Bhd has received a RM98.3 million housing development contract in Johor Bahru from Meridin East Sdn Bhd, a subsidiary of Mah Sing Group Bhd.

Kimlun told Bursa Malaysia that its unit Kimlun Sdn Bhd had received the letter of award from Meridin East yesterday — which  tasked it to construct 492 houses in Mukim Plentong.

“The construction work is expected to be completed by July 2018,” it said, adding that the contract is expected to contribute positively to its earnings.

Shares in Kimlun settled at RM1.77 yesterday, up three sen or 1.72%, with a market capitalisation of RM531.98 million.

Mah Sing’s shares closed four sen or 2.82% higher at RM1.46, valuing the firm at RM3.49 billion.

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This article first appeared in The Edge Financial Daily, on April 28, 2016. Subscribe to The Edge Financial Daily here.