KUALA LUMPUR (April 2): Shares in Ahmad Zaki Resources Bhd (AZRB) rose to a six-month high on Tuesday in active trade, after the engineering and construction group won a RM315.90 million upgrading and renovation works contract for Istana Abu Bakar in Pekan, Pahang.

AZRB shares rose to a high of 26 sen during the morning session, but subsequently eased to 25.5 sen as of 9.50am, still up 15.91% or 3.5 sen, leading the gainers list of Bursa Malaysia with 48.44 million shares changing hands, or over 10-fold its 200-day average of 4.04 million.

At the current price, AZRB's market capitalisation stood at RM141.41 million. No institutional analyst covers the stock.

On Monday, the group said that its wholly-owned subsidiary Ahmad Zaki Sdn Bhd had secured a contract worth RM315.90 million from the Public Works Department for upgrading and renovating Istana Abu Bakar.

The value of the new win represents more than two times AZRB’s market value of RM144.3 million on Monday.

AZRB said that the contract would be valid for 30 months, starting from Monday, and is expected to contribute positively to the group’s future earnings.

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AZRB bags RM316m contract for Istana Abu Bakar renovation