Merge Energy bags RM32.9m job from ECERDC

Merge Energy bags RM32.9m job from ECER

Merge Energy bags RM32.9m job from ECER

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GEORGE TOWN (Oct 6): Merge Energy Bhd (MEB)’s wholly-owned subsidiary Mewah Kota Sdn Bhd (MKSB) has secured a contract worth RM32.9 million from the East Coast Economic Region Development Council (ECERDC).

MEB in a filing with Bursa Malaysia, said MKSB has received the letter of acceptance dated Sept 14 to build horizontal collector well and associated works for Loji Rawatan Air Kelar (Phase 1) for the Pasir Mas Halal Park in Kelantan.

MEB (fundamental: 1.8; valuation: 1.7) said the proposed project period is 78 weeks, with an expected completion date being March 27, 2017.

“It is expected to contribute positively to the earnings of the group. None of the directors or major shareholders of the company, and/or persons connected with them, has any interest, direct or indirect, in the transaction,” it said.

Primarily involved in building, structural and civil engineering works, property development and property investment, MEB closed unchanged at 36 sen today, for a market capitalisation of RM24.1 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.)