15 minutes
PETALING JAYA: Muhibbah Engineering (M) Bhd fell as much as 6.68% at early trade on news of the termination of its RM584.84 million contract by the Bintulu Port Authority.
The stock fell to a low of RM2.79 after briefly rising to hit a high of RM3.06 this morning. At 12.30pm, the stock was still trading at RM2.79 with 2.27 million shares done.
Muhibbah Engineering told the stock exchange yesterday that its RM584.84 million contract for works at Bintulu Port in Sarawak has been terminated by the Bintulu Port Authority.
The group said it received a notice of termination yesterday and is in negotiation and discussion with Bintulu Port Authority.
The group said it reserves all of its rights and remedies, and anticipates a fair compensation.