TRC Synergy dips 3.64% after civil servant housing job axed

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KUALA LUMPUR (March 1): TRC Synergy Bhd's shares fell 3.64% in early trade this morning after its civil servant housing development project in the administrative capital of Putrajaya has been axed by Perbadanan Putrajaya Corp on grounds of national interest.

At 9.05am, TRC fell 2 sen to 53 sen with 522,000 shares traded.

In an exchange filing, TRC said it had on Feb 25 received a three-month termination notice from Perbadanan Putrajaya concerning the project, which was for a gross development cost of RM292.74 million.

It said the project was a 1Malaysia Civil Servant Housing Development (PPA1M) project in Precinct 18 within the administrative capital of Putrajaya, in which its wholly-owned subsidiary, TRC Land Sdn Bhd, was appointed developer.