IJM shares up on bid for HSR job

PETALING JAYA: IJM Corp Bhd’s share price rose 1.38% this morning after it entered into a pre-bid agreement with three other parties, including Sunway Construction Sdn Bhd, to jointly bid for the Kuala Lumpur-Singapore High Speed Rail (HSR) project.
At 10.54am, its share price was 4 sen or 1.38% higher at RM2.94 with a total of 481,600 shares traded. However, Sunway Construction Group Bhd’s (SunCon) share price was 1 sen or 0.42% lower at RM2.37 with a total of 28,600 shares traded. Sunway Construction is a wholly-owned subsidiary of SunCon.
IJM’s wholly owned subsidiary IJM Construction Sdn Bhd and Sunway Construction have entered into a pre-bid agreement with Jalinan Rejang Sdn Bhd and Maltimur Resources Sdn Bhd to work together on an exclusive basis to participate in the tender for the project delivery partner role in the HSR project.
The parties have set up a consortium for the tender and to undertake the project if the bid is successful. Each party holds a 25% stake in the consortium.