The contract involves the construction and completion of stations, ancillary buildings and other associated works for the East Coast Rail Link (ECRL) project in Terengganu.

Its shares rose as much as 2 sen (10.8%) to 20.5 sen in the morning before paring its gains to end at 19.5 sen (5.4%) as at 3.37pm, with some 60.4 million shares exchanging hands. Its market capitalisation stood at RM356.15 million.

Meanwhile, its warrants increased five times to an intra-day high of 5.5 sen before settling at 3 sen as at 3.37pm, with almost 68 million warrants traded.

Mudajaya’s warrants and shares were the fifth- and sixth-most actively traded securities on Bursa, respectively, as at 3.37pm.

Yesterday, Mudajaya announced in a local bourse filing that it accepted a letter of award from CCC-ECRL to undertake works related to the double-track railway link infrastructure project.

The project is targeted to be completed by 2026 with a construction period of 32 months from the date of site possession, according to the group.

“The project is expected to contribute positively to the group’s earnings for the financial year ending Dec 31, 2023 onwards,” the filing read.

Once completed, the ECRL will provide a rail link which connects key industrial areas, ports, and economic zones along the east coast of Peninsular Malaysia.

Mudajaya posted a net loss of RM888,000 for its first quarter ended March 31, 2023 (Q1 FY2023) compared to a net profit of RM2.5 million a year ago.

Its revenue rose 78.4% to RM103.7 million from RM58.12 million in Q1 FY2022.