Wednesday 1 August 2012

George Kent shares rise 14.56pct on contract win

Shares of George Kent (Malaysia) Bhd rose as much as 14.56 percent after the mechanical and engineering firm-led consortium won a contract for Malaysia’s light rail transit (LRT) extension line project.

By 10.52am, the counter was up 8.74 percent at RM1.12 per share with 1.15 million shares changing hands against an average of 232,900 for the past 30 trading days. The broader index increased 0.12 percent.

Syarikat Prasarana Bhd, the state-owned project and asset owner for the LRT project, said yesterday that the George Kent-led consortium won the contract for systems works for the extension project, without disclosing the value of the contract.

The job has been reportedly scrutinised by local and foreign contractors for weeks as the tender closed more than a year ago yet the result was not disclosed.

It has been reported earlier that George Kent-led consortium had already won the project despite being not the lowest bidder, and having not meet the technical requirements to undertake the

A consortium led by Balfour Petty PLC was believed to have placed in the lowest bid, according to a report by The Edge last month. 


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