Tuesday 28 May 2024
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KUALA LUMPUR (April 16): Gadang Holdings Bhd has bagged a contract worth RM38.52 million to build a tiered bridge connecting the northern and southern sites of Tun Razak Exchange Development (TRX) from TRX City Sdn Bhd.

According to a filing on the local stock exchange today, its unit Gadang Engineering (M) Sdn Bhd received a letter of award dated April 16, 2019 to build the bridge, comprising a passage for vehicles, walkways for pedestrials, and a closed passage for utility installations on the ground floor.

The project is expected to commence on July 1 and is targeted for completion in the third quarter of 2020.

The project is expected to contribute positively to the group’s future earnings, Gadang said.

“The risks associated with the project are mainly operational risks such as launching of the steel bridge and permit approval from local authorities which the Group would take appropriate measures to mitigate the risks,” it added.

Gadang’s share price rose half a sen or 0.73% to close at 69 sen today, giving it a market capitalisation of RM456.59 million. Year-to-date, the counter grew 35.29% from 51 sen.

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