Fajarbaru’s visual docking contract at klia2 extended for 1 year

9 May 2017

Construction outfit Fajarbaru Builder Group Bhd announced that its wholly-owned unit Fajarbaru Builder Sdn Bhd has received a one-year extension to operate and maintain the visual docking guidance system at Kuala Lumpur International Airport 2 (klia2) for RM5.5 million.

“The extended contract will have no material effect on the share capital and substantial shareholders’ stakes in the group,” Fajarbaru said in a filing with Bursa Malaysia this evening.

“The extended contract is expected to contribute positively to the earnings and net assets of Fajar Baru for the financial years ending June 30, 2017 (FY2017) and FY2018,” it added, noting that its board of directors are of opinion that the extension of the contract is in its best interest.

Fajarbaru had on April 18, 2014 secured a contract from Malaysia Airports (Sepang) Sdn Bhd to operate and maintain the visual docking guidance system at klia2 for RM13.74 million.

Fajarbaru is controlled by its former non-executive chairman Tan Sri Kuan Peng Chin with a 9.02% stake.

Shares of the Main Market-listed Fajarbaru closed one sen or 1.12% higher at 90 sen, giving it a market capitalisation RM327.15 million.

It is worth noting that some 11.57 million shares, equivalent to a 3.18% of its share capital, exchanged hands on the local bourse today.

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