Updated: IJM climbs to five-year high after joining consortium to bid for KL-S'pore HSR job

• Last Friday, IJM Construction confirmed that it has teamed up with Berjaya Land Bhd’s 70%-owned subsidiary Berjaya Rail Sdn Bhd, Malaysian Resources Corp Bhd (MRCB) and national railway company Keretapi Tanah Melayu Bhd to bid for the project.

KUALA LUMPUR (Jan 29): Shares of IJM Corp Bhd rose to a high of RM2.30 on Monday — the highest since Jan 30, 2018 when the stock closed at RM2.35 — after the conglomerate’s unit IJM Construction Sdn Bhd announced that it is in a consortium to bid for the Kuala Lumpur-Singapore high-speed rail (HSR) project.

Last Friday, IJM Construction confirmed that it has teamed up with Berjaya Land Bhd’s (BLand) 70%-owned subsidiary Berjaya Rail Sdn Bhd, Malaysian Resources Corp Bhd (MRCB) and national railway company Keretapi Tanah Melayu Bhd (KTMB) to bid for the project.

IJM Corp opened at RM2.24 and rose as much as six sen or 2.68% to RM2.30 before inching down to RM2.28 at noon break.

It eased further in the afternoon to close the day one sen or 0.45% lower at RM2.22, for a market capitalisation of RM8.10 billion.

The counter saw a trading volume of 23.6 million shares, over four times its 200-day average volume of 5.65 million.

Meanwhile, MRCB shares reached a four-year high last Friday, while BLand shares touched a three-year high, after The Edge reported on the consortium prior to confirmation from the parties.

On Monday, MRCB, which opened at 65 sen, rose 8.46% to 70.5 sen before paring gains to settle at 66 sen at noon break. The stock closed down half a sen or 0.77% to 64.5 sen, valuing the company at RM2.88 billion.

MRCB saw some 169.24 million shares change hands — more than five times its 200-day average volume of 28.68 million — making it the third most active stock on Bursa Malaysia.

BLand opened 3.3% higher at 47 sen before paring some gains to 46 sen at market close, still up half a sen or 1.1%, valuing the group at RM2.28 billion. With 63.96 million shares traded, BLand was the ninth most active stock.

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