Muhibbah Engineering shares up on new MRT job

PETALING JAYA: Muhibbah Engineering (M) Bhd's share price rose 2.17% this morning, after it bagged a RM189 million work package by Mass Rapid Transit Corp Sdn Bhd for the construction of the MRT Sungai Buloh-Serdang-Putrajaya line.
As at 11.59am, the stock stood at RM2.82 with 170,300 shares changing hands. Its market capitalisation stood at RM1.4 billion.
Muhibbah said the group will be responsible for the design, supply, installation, testing and commissioning of noise barriers and enclosures for the package.
The contract is scheduled to commence immediately and is expected to be substantially completed by end-2019.
Muhibbah said it expects the contract to contribute positively to its earnings and net assets for the current and future financial years.