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- The contract, which is about eight times its market capitalisation of about RM5 million—based on its Friday closing share price of 2.5 sen—was secured from Kejora Harta Bhd and involves the construction of 140 double-storey terraced homes.
KUALA LUMPUR (Sept 19): Property developer Meridian Bhd (KL:MERIDIAN), a Practice Note 17 company, has secured a RM40.5 million contract for a government-backed civil servants’ housing project in Kuala Muda, Kedah.
The contract, which is about eight times its market capitalisation of about RM5 million—based on its Friday closing share price of 2.5 sen—was secured from Kejora Harta Bhd and involves the construction of 140 double-storey terraced homes, said Meridian in a bourse filing on Friday.
The two-year job covers main building works, demolition of existing structures, piling, and associated external and infrastructure works.
Among Meridian's previously completed projects involve The Summit Subang USJ, The Summit Bukit Mertajam, Scott Garden, Scott Tower, and The Arc @ Cyberjaya, according to its website.
The PN17 company's share price has fallen more than 70% year to date.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
