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Gadang wins TRX contract worth RM86m

KUALA LUMPUR (Aug 20): Gadang Holdings Bhd has secured a contract worth RM86.09 million to construct and complete the public realm works (Phase 1) of the Tun Razak Exchange (TRX).

Gadang said in an exchange filing the contract was awarded to its wholly-owned subsidiary, Gadang Engineering (M) Sdn Bhd, by TRX City Sdn Bhd today.

The proposed project will commence on Sept 1, and is expected to be completed by the third quarter of 2019, read the filing.

It said the project is expected to contribute positively to its earnings and net assets for the financial year ending May 31, 2019.

Shares in Gadang edged up one sen or 0.68% to close at 74 sen today, for a market capitalisaiton of RM492.98 million.

The stock has lost 33.3% of its value year-to-date, from its closing of RM1.11 on Dec 29, 2017. — theedgemarkets.com

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