Kinwah's stock price opened down 4%. What happened?
Puchong water supply project breached, leading to a 4% plunge in Kinwah's early trading.
(Kuala Lumpur, 9th) Following the occurrence of a embankment breach and flooding accident at a construction site in Puchong, the project contractor -- $GAMUDA (5398.BMS)$ Jinwu Da faced a negative investment sentiment today and its stock price fell as much as 4.32% during intraday trading.
Under the influence of the negative news of the accident at the construction site, Gamuda fell 32 sen or 4.32% to RM7.09 in early trading. The stock later recovered some of its losses, but as of 12:30 pm, it was still down 11 sen or 1.5%, trading at RM7.30.
Gamuda is currently constructing the first phase of the Rasau River water supply scheme in Bukit Jalil, Selangor. However, last Saturday (7th), an embankment breach incident occurred, causing the lake water to surge into and flood the construction site.
Nevertheless, Gamuda issued a statement on Sunday announcing that no casualties were caused by the incident, and the affected construction site has been halted for investigation to determine the next course of action.
According to preliminary assessments, the overall project can still be completed according to the original schedule, within 2025.
The analyst also stated that the first phase of the Rasau River water supply scheme has been 15% completed as of April this year, with the remaining construction value of 1.7 billion ringgit.
Gamuda was previously awarded the relevant contracts by the Selangor Water Management Authority, with a value of 1.96 billion ringgit, and is expected to be completed by June 2025.
Source of Information: Nanyang Commercial News
Disclaimer: This content is for reference and educational purposes only and does not constitute any specific investment, investment strategy, or endorsement. Readers should assume all risks and responsibilities resulting from relying on this content. Before making any investment decisions, please conduct your own independent research and evaluation, and consult professionals if necessary. The author and related contributors are not responsible for any losses or damages caused by the use or reliance on the information contained in this article.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Nanyang Siang Pau Official Account
《南洋商报》创立于1923年，是马来西亚历史最悠久的中文报纸之一。以财经及商业新闻为主，是商家与投资者必备的新闻资讯平台。
5092Followers
1Following
5533Visitors
Follow