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KUALA LUMPUR (June 6): Shares in Vivocom International Holdings Bhd bounced back today, after the company confirmed work on the Gateway Klang project has temporarily halted, as it awaits further instruction from China Railway Construction Corp (CRCC).
The stock rebounded as much as 8.7% to its intra-day high of 12.5 sen at 4.25pm. Vivocom was one of the most actively-traded counters, with 31.65 million shares traded. Its market capitalisation stood at RM388.11 million.
The stock has been trading in a 52-week range of 12 sen and 25 sen.
Vivocom warrants were also actively traded today. At 4.37pm, its warrants B were up 0.5 sen or 14.29% at 4 sen, with 15.2 million warrants traded. Meanwhile, its warrants C and D were both up at 6.5 sen, after rising 0.5 sen each, with 5.25 million warrants and 3.28 million warrants traded, respectively.
Yesterday, the group had seen its shares sink to a one-year low of RM11.5 sen, after The Edge Malaysia weekly reported the project developer of its commercial development, the Gateway Klang project, had delayed payments to the main contractor, CRCC Malaysia Bhd.
“The group has not received any official letter of termination from CRCC for the Gateway Klang contract,” Vivocom said in a filing on Bursa Malaysia yesterday.
“The temporary halt of the project is not expected to materially affect the earnings and net assets of Vivocom, as Vivocom has other concurrent on-going projects,” it added. — theedgemarkets.com
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