Eversendai lands RM269.2 million job in Qatar

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KUALA LUMPUR (March 2): Eversendai Corporation Bhd has secured a new project worth RM269.2 million in Qatar.

In a statement Monday, Eversendai (fundamental: 0.75; valuation: 1.20) said its subsidiary had secured the project to build the Al Wahda Arches and Visitors’ Centre in Doha, Qatar.

The company said it was the only pre-qualified company from the Middle East involved in the international bidding of the project; going up against competitors from 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 would consist of two arches with a visitors’ centre suspended beneath it. Upon completion, it would 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 40 metres and hanging it through hangars and cross bracing cables from the arches.

The project is scheduled for completion by June 2016.

Eversendai jumped 6.98% or 4.5 sen to 69 sen in the morning session with 2.02 million shares done.

(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.)