See Hup secures RM91m contract for ECRL project

KUALA LUMPUR (June 8): See Hup Consolidated Bhd has secured a RM91.03 million contract today from China Communications Construction (ECRL) Sdn Bhd to construct part of the subgrade works for the East Coast Rail Link (ECRL).

The contract, to be undertaken by the group’s 51%-owned subsidiary SH Moment Builder Sdn Bhd (SHM), involves Package 2, Section 4 of the rail link.

SHM is principally involved in construction works and supply of various mechanical equipment.

In a filing with Bursa Malaysia today, See Hup said the project — which will be funded via internally generated funds or external borrowings — will commence on June 13, 2021, and has a duration of 26 months.

The group said the contract is expected to contribute positively to the revenue, future earnings and earnings per share of the group.

Moreover, it does not have material effects on the net assets and gearing of See Hup for the financial year ending March 31, 2022.

See Hup settled 25 sen or 20.33% higher at RM1.48, translating into a market value of RM119.03 million.

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