Gadang rises 1.75% on bidding for RM5.2 bil worth of projects

KUALA LUMPUR (Nov 4): Gadang Holdings Bhd shares rose 1.875% in early trade today after it said it is currently bidding for RM5.2 billion worth of projects, including several packages of the Mass Rapid Transit 2 (MRT2) and the new Light Rail Transit 3 (LRT3) projects, to replenish its orderbook.

At 9.13am, Gadang added 5 sen to RM2.90 with 318,200 shares traded.

As at the end of the first quarter ended Aug 31, 2016, the group’s orderbook stood at RM603.7 million.

Gadang construction division managing director Khew Check Kiet said the projects the group is currently tendering for include several packages for MRT2, namely package V204, for the portion near Desa Waterpark and V207 at Universiti Putra Malaysia, Serdang.

The group is also bidding for package V206 and had just received an invitation to tender for package V205.

Gadang was also shortlisted for LRT3, with tenders expected to be called some time in the first quarter of 2017. However, the packages for the RM9 billion line have not been announced yet.

Meanwhile, the group is also bidding for the Cyberjaya hospital project and is expecting two more packages to be announced for the West Coast Expressway. It is also eyeing contracts for the RM55 billion East Coast Rail Line project. — theedgemarkets.com