Hydro project powers Kumpulan Powernet share price to record high

KUALA LUMPUR (Feb 12): Late buying interest in the afternoon trading session lifted Kumpulan Powernet Bhd's share price to fresh record high of RM2.42, jumping 11.5% or 25 sen.

The news on the company having secured a hydropower project worth US$15.88 million in Laos added fuel to its share price rally that started this year from RM1.40-level. The counter has gained 65% since the start of the year.

It has rallied 500% over the past 12 months.

At press time, Kumpulan Powernet was the second biggest gainer across Bursa Malaysia. The counter was still up 11.52% or 25 sen at RM2.42, giving it a market capitalisation of RM184.28 million.

The project was awarded by Zhengdong Building Road & Bridge Construction Co Ltd, for Kumpulan Powernet to undertake the design, supply, construction, commissioning and completion of the project in the Kasi District in Vientiane Province.

The project is expected to be completed within 18 months from its commencement date, while the defects liability period is for two years from its completion.