KUALA LUMPUR (July 26): Shares in Bina Puri Holdings Bhd and Cahya Mata Sarawak Bhd (CMSB) rose this morning after their joint venture (JV) accepted a letter of award from Lebuhraya Borneo Utara Sdn Bhd for the proposed development and upgrading of Pan Borneo Highway in Sarawak for a contract sum of RM1.36 billion.
At 9.31am, Bina Puri jumped 6.10% or 2.5 sen to 43.5 sen with 3.63 million shares done, while CMSB gained 1.59% or 6 sen to RM3.84 with 708,600 shares traded.
The award is for Phase 1 of the highway, for the construction of roads and bridges from Sg Awik to Bintangor Junction in Sarawak.
According to Bina Puri's announcement yesterday, the contract is for a period of 47 months.
The 70:30 JV is between PPES Works (Sarawak) Sdn Bhd (PPESW) and Bina Puri Sdn Bhd (BPSB).
PPESW is the main construction arm of Cahya Mata Sarawak while BPSB is a wholly-owned subsidiary of Bina Puri.