Fajarbaru bags RM12.8 mil underground pipeline job from PetDag

KUALA LUMPUR (June 19): Fajarbaru Builder Group Bhd has won a RM12.8 million contract from Petronas Dagangan Bhd (PetDag) to build an underground pipeline foundation at klia2.

The construction group said the contract, awarded to its wholly-owned subsidiary Fajarbaru Builder Sdn Bhd, was for the engineering, procurement, construction and commissioning of phase two of Jet-A1 underground pipeline foundation and associated works for PetDag's subsidiary, Kuala Lumpur Aviation Fuelling System Sdn Bhd.

The contract is for 34 weeks starting last Friday, Fajarbaru said in a filing to Bursa Malaysia.

"The contract is expected to contribute positively to the earnings and net assets of the Fajarbaru group for the financial year ending June 30, 2018," it said.

The contract is Fajarbaru's third this year. In May, it secured a RM29.52 million renovation job from Pos Aviation Sdn Bhd at the KLIA cargo terminal, as well as another RM5.51 million contract extension to operate and maintain the visual docking guidance system in klia2.

Year to date, Fajarbaru's share price gained over 72%. Last Friday, the counter closed unchanged at 95.5 sen with 2.09 million shares traded, giving a market capitalisation of RM349.31 million. — theedgemarkets.com

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