KUALA LUMPUR (Nov 20): Construction firm Zecon Bhd, which was supposed to sign a proposed disposal of a 49% stake in its wholly-owned subsidiary Zecon Medicare Sdn Bhd for RM155 million, said the signing has been delayed to a date to be determined later.

However, it did not disclose the reason for the postponement.

In a filing with Bursa Malaysia today, Zecon said a detailed announcement on the transaction will be made in due course once the agreement has been signed.

In another filing, Zecon said trading in its shares, which was halted since 2.30pm on Friday pending the release of a material announcement, will resume tomorrow (Nov 21).

Zecon's annual report for the financial year ended June 30, 2017 (FY17) showed that Zecon Medicare had on Aug 22, 2013 signed a concession agreement with the ministry of education and Universiti Kebangsaan Malaysia (UKM) to build a children's specialist hospital at UKM, through a public-private partnership (PPP) on a build, lease, maintain and transfer (BLMT) concept.

The objective of the project is to complement the existing paediatric services currently provided by the ministry of health and teaching hospitals of local institutions of higher learning including Pusat Perubatan UKM.

This hospital will provide facilities of 243 beds and 54 apartment units to provide family-centred care. The value of the project is RM606 million and scheduled to be completed in November 2018.

The counter was last traded at 79.5 sen per share, with a market capitalisation of RM104.16 million. Zecon shares have surged 24.2% from 64 sen on Nov 1 this year.