KUALA LUMPUR (Jan 18): Ekovest Bhd’s shares rose 3.57% in early trade today after it announced yesterday that it had secured a new expressway construction job from the government worth RM6.32 billion via its subsidiary Lebuhraya DUKE Fasa 2A Sdn Bhd (LDF2A).

At 10.07am today, Ekovest’s shares rose 9 sen to RM2.61 with some 3.23 million shares traded.

The company announced the new privatised highway will be divided into three sections named Kampung Baru Link, Istana Link and Kapar Linktotalling and will be 75.2km in length.

Ekovest said the project is expected to be funded by internally generated funds, borrowings and other fundraising exercises.

It further added that the project is subject to further negotiation between the parties, and that the principle approval is not binding until the relevant agreement between LDF2A and the government is executed.

“The proposed project is expected to provide vital connectivity and direct linkage for movements in and around Kuala Lumpur City Centre and completes the missing link for seamless travelling in and out of Greater Kuala Lumpur and [the] Klang Valley,” it added.

Meanwhile, RHB Retail Research said Ekovest Bhd may rise higher after posting a long white candle and hitting its highest close in nearly two months.

In a trading stocks note today, the research house said with the 21-day SMA line edging upwards, this suggests a likelihood of increasing demand in the near term.

“A bullish bias may emerge at above RM2.48, with an exit set below the RM2.21 threshold.

“To the upside, the immediate resistance level is anticipated at RM2.90. This is followed by the RM3 psychological spot,” it said.