KUALA LUMPUR (July 13): Muhibbah Engineering (M) Bhd has bagged two contracts worth a combined RM143.1 million from Northport (Malaysia) Bhd, a wholly-owned subsidiary of NCB Holdings Bhd, for upgrading works at Wharf 8 and associated works at Container Terminal Four (CT4) in Northport, Port Klang.

In a filing with Bursa Malaysia today, Muhibbah Engineering (fundamental: 1.1; valuation: 0.8) said the contract value for the upgrading works to Wharf 8 and associated works at CT4 totals RM138.8 million, while dredging works is RM4.3 million.

"Upon completion of the upgrading of Wharf 8, it will place Northport in a better position to handle the Triple E-Class Container vessels. This will offer Northport improved connectivities for shipping routes to service Europe, America, China and Japan routes," it added.

The contract is for 24 months until July 22, 2015.

"The board, after considering all the relevant factors, is of the opinion that the acceptance of the contract is in the best interest of Muhibbah Group," said Muhibbah Engineering.

Shares in Muhibbah Engineering closed unchanged at RM2.23 today, with a market capitalisation of RM1.04 billion, while NCB shares ended the day 0.82% higher at RM3.68, for a market cap of RM1.73 billion.

(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.)