Pan Borneo Highway contract lifts Bina Puri, Cahya Mata Sarawak shares

Shares of Bina Puri Holdings Bhd and Cahya Mata Sarawak Bhd rose this morning following the newly-secured RM1.36 billion contract from Lebuhraya Borneo Utara Sdn Bhd.

As at 10.12am, Bina Puri's share was up two sen to 43 sen with 4.47 million shares transacted, while Cahya Mata Sarawak gained two sen to RM3.80 with 1.12 million shares changing hands.

The contract was bagged through a joint-venture company, namely PPES Works (Sarawak) Sdn Bhd and Bina Puri Sdn Bhd joint venture (PPESW-BPSB JV).

Bina Puri SB is a wholly-owned subsidiary of Bina Puri Holdings, while PPES Works is a 51 percent-owned indirect subsidiary of Cahya Mata Sarawak.

In a filing to Bursa Malaysia yesterday, Bina Puri said the contract was for the proposed development and upgrading of phase one of the Pan Borneo Highway, covering Sungai Awik Bridge to Bintangor Junction in Sarawak.

"The contract is for a duration of 47 months from the date of the letter of award," Bina Puri said.