KUALA LUMPUR (Feb 25): A consortium of JGC Corporation, PT JGC Indonesia, and Muhibbah Engineering (M) Bhd has bagged an engineering, procurement, construction, installation and commissioning (EPCIC) contract worth RM116 million.

According to Muhibbah’s (fundamental: 1.15; valuation: 0.6) statement to the exchange, the consortium has received the letter of award for the EPCIC contract from Regas Terminal (Sg Udang) Sdn Bhd, a unit of Petronas Gas Bhd (fundamental: 2.7; valuation: 0.9).

Under the contract, the consortium will undertake the EPCIC for the RGT1 minimum send-out capability improvement project for the LNG Regasification Terminal in Sungai Udang, Melaka.

The contract will be for a duration of 22 months, commencing from the first quarter of 2015, to be completed by the fourth quarter of 2016.

“The contract is expected to contribute positively to the earnings and net assets of Muhibbah Group for the current and future financial years. The contract does not have any impact on the share capital and/or shareholding structure of Muhibbah,” it said.

Muhibbah rose 7 sen or 3.2% to RM2.28 at 3.05pm, giving it a market capitalisation of RM954.53 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)