Gadang secures two ECRL work packages worth RM81m

KUALA LUMPUR (May 28): Gadang Holdings Bhd’s wholly-owned unit Gadang Engineering (M) Sdn Bhd has secured two contracts worth a combined RM81.18 million from China Communications Construction (ECRL) Sdn Bhd in respect of the East Coast Rail Link (ECRL) project.

Both the works involve the construction and completion of subgrade earthworks and drainage, according to a filing to Bursa Malaysia today.

The first contract, which commenced from today (May 28) and is expected to be completed on June 30, 2022, is worth RM24.11 million, while the second contract — which shall start on June 15, 2020 and is slated for completion on Dec 15, 2022 — is worth RM57.07 million.

The ERCL projects are expected to contribute positively to the group’s future earnings.

Shares of Gadang closed 1.5 sen or 3.13% lower at 46.5 sen today, giving it a market capitalisation of RM338.55 million.

While the counter had, over the past year, fell 43.64% from 82.5 sen, it has risen some 98% from 23.5 sen on March 23.

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