KUALA LUMPUR (Jan 15): Daya Materials Bhd, a Practice Note 17 (PN17) company, said its subsidiary has secured a RM23.86 million construction sub-contract in Banting, Selangor.
The sub-contract awarded to its 51%-owned subsidiary Daya CMT Sdn Bhd involves the construction of a recycle pulp and packaging paper plant in Mahkota Industrial Park, the group said in a filing with Bursa Malaysia.
It was awarded by Sing Foong Niap Engineering Sdn Bhd, and is targeted to be completed by June 30, 2021.
"The project is expected to contribute positively to the future earnings of Daya Materials," the group said.
Shares of Daya Materials closed up 0.5 sen or 50% to 1.5 sen with a market capitalisation of RM30.64 million.
Daya Materials slipped into PN17 status in February 2019 after its shareholder equity fell below 25% of its issued capital of RM40 million.