Friday, 13 July 2018 | MYT 9:50 AM
George Kent continues to trend higher
KUALA LUMPUR: Shares of George Kent (M) Bhd (GKent) maintained its positive upward trend following the news that the LRT 3 project would go ahead.
On the other hand, Malaysian Resources Corp Bhd (MRCB) succumbed to profit taking activities.
Both MRCB and GKent are among the most active stocks with 78.7 million and 45.27 million shares traded respectively.
GKent gained 11.63%, or 15 sen to RM1.44 while MRCB shed 2.7%, or two sen to 72 sen.
Finance Minister Lim Guan Eng said the Cabinet gave its approval during the meeting on Wednesday and the final cost will enable Malaysians to save a total of RM15.02bil.
The completion date for the LRT 3, stretching from Johan Setia (Klang) to Bandar Utama (Petaling Jaya), was extended from 2020 to 2024 to further reduce construction cost which was inflated.
The construction of the LRT3 project will be restructured from a project-delivery-partner (PDP) model to a “fixed price contract” with the joint venture of MRCB and George Kent, he said.