Quick take: GDB active, up 13% on landing RM517mil contract (The Star)

KUALA LUMPUR: Shares in GDB Holdings Bhd jumped almost 13% this morning after the company secured RM517mil construction contract.

The construction firm, one of the most active counters on Bursa Malaysia, gained 12.90%, or four sen to 35 sen with 1.68 million shares traded.

GDB has secured a RM517mil contract to undertake construction works as the main contractor for the Park Regent residential development located at Desa ParkCity here.

The contract is the group’s single largest contract win to date, and the third time GDB was contracted to build high-rise residential buildings in Desa ParkCity.

“The new contract in hand pushes our total contract wins this year to RM652mil, ” GDB managing director Cheah Ham Cheia said in a statement.

The contract, which will last 37 months starting Dec 2, brings the group’s total outstanding order book to about RM1bil, and will provide revenue contribution till the financial year ending Dec 31,2022.

The group’s other ongoing projects are the AIRA Residence in Damansara Heights, Menara Hap Seng 3 within the Kuala Lumpur city centre and Perla Ara Sentral in Ara Damansara.