Gadang up 2.34% on winning TRX City job

KUALA LUMPUR (May 11): Gadang Holdings Bhd rose 2.34% this morning after its 51%-owned joint venture company Gadang CRFG Consortium Sdn Bhd won a major traffic dispersion and improvement job from TRX City Sdn Bhd worth RM327.91 million.

At 9.27am, Gadang rose 3 sen to RM1.31 with 6.11 million shares done.

China Railway First Group Co’s subsidiary, CRFG Malaysia Bhd, owns the remaining 49% in Gadang CRFG Consortium.

TRX City is the master developer of the Tun Razak Exchange (TRX) development.

In a separate statement, TRX City said the contract is part of a larger effort by the Kuala Lumpur City Council (DBKL) and the federal government to improve traffic along Jalan Tun Razak and its vicinity, to lessen traffic loading on Jalan Bukit Bintang and Jalan Tun Razak by as much as 27%. — theedgemarkets.com

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