Monday, October 31, 2011

Zelan climbs on news it may get RM300m job

KUALA LUMPUR (Oct 31): Shares of loss-making ZELAN BHD [] rose on Monday on news that it has received a letter of intent from Mudajaya Corporation Bhd to undertake civil works valued at RM300 million for a power plant expansion in Johor.

At 9.35am, it was up 2.5 sen to 38 sen. There were 7.46 million shares done.

The FBM KLCI fell 0.78 of a point to 1,481.04. Turnover was 184.71 million shares valued at RM127.30 million. There were 188 gainers, 137 losers and 182 stocks unchanged.

Last Friday, Zelan said Mudajaya confirmed its intention to subcontract part of the civil works for the CONSTRUCTION [] of the 1,000 MW Tanjung Bin coal fired power plant in Johor.

However, this was subject to the consortium, comprising of Alstom, Mudajaya and Eversendai Corp Bhd, being appointed the main engineering, procurement and construction contractor (EPCC) by Malakoff Corporation Bhd for the power plant expansion.

In the first quarter ended June 30, 2011, it posted net losses of RM8.04 million on the back of RM12.80 million in revenue. As at June 30, the group's current liabilities of the exceeded the current assets by RM206.42 million.

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