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Ho Hup bags two ECRL work packages worth RM102m

KUALA LUMPUR (May 28): Ho Hup Construction Company Bhd has bagged two contracts worth a combined RM102.49 million from China Communications Construction (ECRL) Sdn Bhd to work on the East Coast Rail Link (ECRL).

Both jobs, which are for 30 months — starting June 15, 2020 — are for the construction and completion of subgrade, drainage and culvert works on Section 6 of the ECRL, according to Ho Hup's stock exchange filing yesterday.

The first contract is worth RM53.79 million, while the second is worth RM48.7 million.

The ECRL contracts are subject to the acceptance of the letters of acceptances (LoAs) by the company and formal sub-contracts to be entered into between China Communications Construction (ECRL) and Ho Hup.

The LoAs are expected to contribute positively to its earnings and net assets per share, Ho Hup said.

They are not expected to have any material effect on the gearing of the group for the financial year ending Dec 31, 2020, until the expiry of the contracts, it added.

Ho Hup shares closed 4.5 sen or 8.33% higher at 58.5 sen yesterday, valuing the company at RM241.24 million. While the stock has slipped 9.3% from 64.5 sen over the past year, it has more than doubled from the 26 sen it sank to on March 23, 2020.

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