O&C Resources jumps 3.75% on RM155 mil PR1MA job

KUALA LUMPUR (Dec 20): O&C Resources Bhd (OCR) shares jumped 3.75% this morning after its 34.3%-owned indirect subsidiary, AES Builders Sdn Bhd, was appointed by Perbadanan PR1MA Malaysia (PR1MA) to carry out the design, planning, procurement, construction and completion of a project in Bukit Jalil.

At 9.21am, OCR rose 1.5 sen to 41.5 sen with 1.06 million shares traded.

The contract is valued at approximately RM155 million.

AES is a company in which Kita Mampan Sdn Bhd (KMSB) has a 49% equity interest. OCR has an effective interest of 34.3% in AES by virtue of its 70% equity interest in KMSB.

AES will be appointed as the main contractor for the construction project which comprises one four-floor block of office shop lots together with a four-floor health clinic, a parcel for one block of PR1MA Homes apartments with 32 levels (320 units), a parcel for one block of PR1MA Premier apartments with 21 levels (140 units), four levels of podium parking, three levels of sub-basement parking, one level of multipurpose hall and one level of public facilities.

OCR said in a statement that the period for completion of the project will be 36 months commencing from the date for possession. The gross development cost of the project is approximately RM131.75 million. — theedgemarkets.com