Mesiniaga share price, volume surge as RM1.9b EM-IIG project piques interest

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KUALA LUMPUR (Jan 23): Mesiniaga Bhd's share price rose as much as 43 sen or 29% to RM1.93 so far today while trading volume surged as investors continued buying the stock after the group said on Friday it accepted a letter of award for a RM1.9 billion contract from Xiddig Cellular Communications Sdn Bhd.

"The letter of award is for the commissioning of the core, metro distribution and access network with related support systems for the EM-IIG (Enhanced Malaysia International Internet Gateway) project," Mesiniaga said on Friday.

At Bursa Malaysia today, Mesiniaga shares pared gains at RM1.83 with 1.21 million shares traded. The stock was the top gainer across Bursa Malaysia.

Mesiniaga's share-trade volume surged to 1.21 million units today from 187,800 shares yesterday.

The counter extended gains today after closing 34 sen higher at RM1.50 yesterday, despite news reports quoting the Office of the Deputy Prime Minister as saying Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail had never approved the text of the speech that was delivered at the launch of the EM-IIG High-Speed Broadband project in Shah Alam yesterday.

Bernama quoted the office as saying in a statement that Dr Wan Azizah had also not delegated anyone to read out the text of the speech at the event. It was reported that the office also said Dr Wan Azizah had never at all said the government would extend its full cooperation to the implementation of the EM-IIG project.

"News reports quoting the deputy prime minister in relation to the EM-IIG project developed by Xiddig Cellular Communications Sdn Bhd are not true," the office said.