KUALA LUMPUR (Jan 10): Shares of Rohas Tecnic Bhd rose 10 sen or 33.33% to 40 sen — its highest since closing at 40 sen in February 2021 — in active trade on Wednesday morning, following its announcement that a consortium led by the construction engineering group secured a contract worth RM199.84 million under the Johor Bahru–Singapore Rapid Transit System Link (RTS Link) project.
The counter was among top gainers by value on Bursa Malaysia on Wednesday. The stock opened 12 sen or 40% higher at 42 sen, against its closing price of 30 sen on Tuesday, before paring gains to trade at 40 sen at the time of writing.
Its trading volume stood at 30.03 million so far, relatively lower than its 200-day average volume of 37.21 million.
At 40 sen apiece, the group boasts a market capitalisation of RM137.07 million.
The contract for the construction of the Bukit Chagar station’s façade was awarded by Malaysia Rapid Transit System Sdn Bhd, a subsidiary of Mass Rapid Transit Corp Sdn Bhd, the group said in a bourse filing on Tuesday.
The Rohas-Euco Industries Bhd–Sediabena Builders Sdn Bhd consortium comprises Rohas Tecnic’s wholly owned unit Rohas-Euco Industries Bhd (REI), and Sediabena Builders Sdn Bhd (SBSB).
REI and SBSB, both involved in the design and fabrication of steel structures, will be entering into a joint venture agreement, with REI holding 70% equity in the company and SBSB the remaining 30%, said Rohas Tecnic.
The construction work is expected to be completed by May 31, the group said, adding that the contract is expected to contribute positively to its earnings for the financial years ending Dec 31, 2024 and 2025.