Muhibbah Engineering bags RM120.5m additional work

Posted on 09 October 2017

Source: The Sun Daily

Muhibbah Engineering (M) Bhd's 49%-owned entity Muhibbah Engineering Middle East LLC has secured an additional work order worth RM120.5 million (Qatari Riyal 105.8 million) for syncrolift, travel lift and North side of canal areas at Um Alhoul Special Economic Zone (QEZ-3).

The group said the work order is associated to a contract announced in January 2017 for the construction of roads and infrastructure works at Um Alhoul Economic Zone (QEZ-3) of Qatari Riyal 356.7 million (equivalent to RM438.1 million), which is currently underway.

It told the stock exchange last Friday, the work order involves the design and construction of complementary utilities and pavements with all associated works complete for the QEZ-3 project.

The group said the construction works is to start immediately and is expected to be completed by end of second quarter of 2018.

Muhibbah expects the job to contribute positively to the group's earnings and net assets for the current and future financial years.

Nevertheless, it said the work order does not have any impact on the share capital and/or shareholding structure of the group.

Muhibbah closed 2.16% higher at RM2.84 last week, with 94,100 shares traded. It has a market capitalisation of RM1.34 billion.

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