Friday 29 Mar 2024
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KUALA LUMPUR (Sept 28): Ho Hup Construction Company Bhd has clinched a RM21.6 million subcontract for soil improvement work at the Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, Johor.

In a filing with Bursa Malaysia, Ho Hup said today that the company was awarded the contract by Sinopec Engineering Group (Malaysia) Sdn Bhd (SEGM), the main contractor of PRPC Refinery and Cracker Sdn Bhd, via a letter of award dated Sept 23, 2015.

SEGM is a subsidiary of Sinopec Group, the leading oil refining, petrochemical and chemical engineering group based in China.

Ho Hup said the job is expected to commence next month and will be completed over four months.

The company said the contract is in the best interest of the company after considering the potential financial contribution to the earnings of the company, amongst others.

Ho Hup also said that the award of the contract will not have material impact on the issued and paid-up capital, substantial shareholders’ shareholding, earnings per share and net assets per share of the company.

“This maiden contract in Petronas’ RAPID project will put the group in a good and competitive position for other infrastructure and construction projects we have tendered for in Pengerang, Johor,” said Ho Hup chief executive Derek Wong Kit Leong in a separate statement.

Ho Hup shares closed one sen or 1.11% lower at 89 sen, with a market capitalisation of RM307.13 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.)

 

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