Quick take: Contract win sends Grand Hoover jumps 19%


KUALA LUMPUR: Shares in Grand Hoover Bhd jumped 19% in early trade Wednesday after securing two construction contracts worth RM55.97 mil The counter jumped 19%, or 19 sen to RM1.19, making it one of the top gainers on Bursa Malaysia.

Grand Hoover’s wholly-owned subsidiary, Pembinaan ATT (PATT) Sdn Bhd, has accepted two letters of award from Pembinaan Tetap Teguh Sdn Bhd (PTT) for two construction projects worth RM55.97mil.

It said the contracts comprised earthworks (Phase 1) for Tropicana Industrial Park Sdn Bhd valued at RM36.83mil, as well as site clearance, earthworks, and retaining walls for a commercial land and residential development (Phase 2) for Messrs Tropicana GP Views Sdn Bhd worth RM19.14mil in Pontian, Johor.

Grand Hoover said the Phase 1 contract will commence on July 9, 2021 and to be completed by Oct 6, 2022, or about 15 months from the commencement date.

Phase 2 will take about 14.5 months from July 9, 2021 until Sept 30, 2022.

Source link