Eversendai jumps 2.8% on news of Qatar deal

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KUALA LUMPUR: Shares of Eversendai Corp Bhd rose as much as 2.8% or 2 sen today, following the company securing a RM269.2 million construction project in Qatar.

Eversendai (fundamental: 0.75; valuation: 1.2) was up during the morning trades at 73.5 sen before pairing gains. At 10.30 am, Eversendai was traded at 72.5 sen, with 1.58 million shares having changed hands.

This is the fourth job win for Eversendai in 2015, bringing total new projects secured to RM618 million.

In a statement yesterday, Eversendai said its subsidiary in Qatar had secured the project to build the Al Wahda Arches and Visitors’ Centre in Doha.

The company said its unit was the only pre-qualified firm from the Middle East involved in the international bidding for the project, going up against competitors from South Korea, Italy and France.

The Al Wahda Arches are the main segments of the artscape works which are part of the Lusail expressway project. It will consist of two arches with a visitors’ centre suspended beneath it. Upon completion, it will be rated as one of the most prominent landmarks in Qatar.

Eversendai said its scope of work included connection design, steel material supply, fabrication and erection of the steel arches, installation of the cable net and hangars as well as the 4000-tonne strand jacking of the visitors’ centre to a height of 40m and hanging it through hangars and cross bracing cables from the arches.