SLGC secures RM50.24 million construction contract after Bursa Malaysia listing
Three weeks after its listing on Bursa Malaysia's ACE Market, SLGC Bhd secured a new contract to build two freestanding industrial factories and related infrastructure in Telok Panglima Garang, Selangor. The RM50.24 million contract marks the company's first project win since its listing and is expected to support its earnings and net assets throughout the project period.
Highlights
- SLGC secured a RM50.24 million engineering, procurement and construction contract from ALH Construction for a factory project in Telok Panglima Garang, with a 30-month timeline.
- The contract is expected to contribute positively to SLGC's earnings and net assets throughout the project period.
- SLGC shares closed 6.52% lower at 21.5 sen on Thursday, down more than 23% from their IPO price of 28 sen, with a market value of RM120.4 million.
This article was translated from the original. Read the original version by our correspondent here.
Contract details and project timeline
According to The Edge Malaysia, SLGC said in a bourse filing that the engineering, procurement and construction contract was awarded by ALH Construction Sdn Bhd to its wholly owned subsidiary, SLG Construction Sdn Bhd.The contract involves building two freestanding industrial factories and related infrastructure in Telok Panglima Garang, with a 30-month project timeline. The project start date has yet to be determined.
The company also said the project is expected to contribute positively to its earnings and net assets throughout the contract period.
Impact on the company and share performance
Based in Johor, SLGC provides building design and construction services for residential and non-residential projects, serving property developers and building owners across Malaysia.The project award comes while the company is still a recent market entrant. SLGC shares closed 1.5 sen, or 6.52%, lower at 21.5 sen on Thursday, giving the company a market value of RM120.4 million. At that level, the shares were down more than 23% from their initial public offering price of 28 sen.
In our previous report on weakness in the Malaysian stock market the FBM KLCI traded lower as concerns over inflation and the U.S. interest rate outlook weighed on investor sentiment. We also highlighted selling pressure in technology counters such as YTL Power and ViTrox, alongside continued net selling by foreign institutions, which added to pressure on the local market.
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