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Thursday, April 10, 2008

General Corp shares gain on Singapore building deals

HIGH-RISE EXPERT: Menara Public Bank in Kuala Lumpur is among the projects completed by GCorp

GENERAL Corp Bhd's (GCorp) shares rose the most in three months yesterday after its Singapore unit won two construction contracts totalling S$492 million (RM1.1 billion) in the island republic.

Shares of the property and construction group, which rose as much as 13 sen during the day, closed seven sen or 6.4 per cent higher to RM1.16.

Dealers said investors went for the shares on expectations that the two contracts would help boost earnings.

The group's net profit doubled to RM38.8 million in the last fiscal year ended January 31 2008.

GCorp's unit, the Singapore-listed Low Keng Huat Ltd, won a S$346 million project to build the Hard Rock Hotel on Sentosa Island, and a S$146 milion project to add and alter a retail and hotel podium of the Meritus Mandarin hotel at Orchard Road.

The low-profile GCorp, which specialises in high-rise and commercial buildings, has done some high-profile jobs in the past, including the US Embassy, Menara Public Bank and Ampang Park shopping complex.

In Singapore, it did the Changi Airport hangar structure, the Monetary Authority of Singapore building and Mandarin Garden condominium.

By New Straits Times

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