S P Setia shares unlikely to be impacted by bridge collapse incident, says Kenanga Research

KUALA LUMPUR (Dec 1): S P Setia shares are unlikely to be impacted by the bridge collapse incident yesterday, said Kenanga Research.

In a statement today, the research house said it was seeking clarification from S P Setia's management on the issue, to identify whether there are any more deaths involved, while some media outlets have reported that there were.

Yesterday afternoon, a pedestrian bridge link to Mid Valley which is under construction at the company's Abdullah Hukum project site, gave way and collapsed. 

Meanwhile, the contractor for the job is expected to be responsible for and affected by this incident, said the Kenanga Research analyst.

“While the contractor will likely have to bear the costs, there are incidences whereby the developer may have to assist the contractor,” it said in its statement.

At noon break today, shares in SP Setia were unchanged at RM3.30, giving it a market capitalisation of RM9.42 billion. — theedgemarkets.com