Ikhmas Jaya bags two subcontract jobs worth RM75.3m

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KUALA LUMPUR (June 10): Ikhmas Jaya Group Bhd announced today that it has secured two subcontract jobs for the Setiawangsa–Pantai Expressway (SPE or better known as DUKE Phase 3) with a combined value of RM75.3 million, from Knusford Construction Sdn Bhd. 

This brings the group's year-to-date contract wins to RM470 million, the group said in a stock exchange announcement.

The group's wholly-owned Ikhmas Jaya Sdn Bhd has accepted the letter of award for the two newest job wins or projects, both of which involve the construction of bridge structures for different parts of the SPE. 

The first is valued at RM23.5 million and will take 37 weeks to complete, while the second, worth RM51.8 million, is for 15 months.

The group expects the two projects to contribute positively to Ikhmas’ earnings and net assets for the financial years ending Dec 31, 2019 (FY19), and Dec 31, 2020 (FY20). 

Ikhmas Jaya shares closed 1.5 sen or 8.57% higher at 19 sen today, giving it a market capitalisation of RM103.62 million. The counter saw some 1.16 million shares traded. Ikhmas Jaya shares have retreated over 32% in the past 12 months.