Ikhmas Jaya bags two subcontract jobs worth RM75.3m

This article first appeared in The Edge Financial Daily, on June 11, 2019.
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KUALA LUMPUR: Ikhmas Jaya Group Bhd announced yesterday it had secured two subcontract jobs for the Setiawangsa–Pantai Expressway (SPE or 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, Ikhmas Jaya said in a stock exchange announcement.

The group’s wholly-owned Ikhmas Jaya Sdn Bhd had accepted the letter of award for the two job wins, involving constructing bridge structures for different parts of the SPE.

The first contract, valued at RM23.5 million, 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 its earnings and net assets for the financial years ending Dec 31, 2019, and Dec 31, 2020.

Ikhmas Jaya shares closed 1.5 sen or 8.57% higher at 19 sen yesterday, with a market capitalisation of RM103.62 million.