KUALA LUMPUR (March 26): Shares in TCS Group Holdings Bhd rose to a four-month high in active trade after the construction and infrastructure company won a RM140.27 million work contract in Sungai Buloh, Selangor.
TCS shares rose as much as 34.6% to a high of 17.5 sen during the morning session but subsequently eased to 16 sen as of 9.43am, still up 23.08% or three sen. At the current price, its market capitalisation is RM66.5 million.
Trading volume jumped to a record 11.8 million shares — the highest since the stock was listed on the ACE Market in July 2020 and exceeding the 200-day average volume of 753,281.
No institutional analyst covers the stock.
On Monday, the group said it had secured a contract worth RM140.27 million to undertake building works for a proposed commercial complex known as Bandar Seri Coalfields Retail Park in Sungai Buloh.
The project was awarded to its wholly owned subsidiary, TCS Construction Sdn Bhd, by KLK Retail Centres Sdn Bhd, a wholly owned unit of Kuala Lumpur Kepong Bhd. The contract spans 19 months, starting from March 2024, with completion expected by October 2025.
TCS managing director Datuk Tee Chai Seng is the group’s largest shareholder with a 48.21% stake, followed by his wife Koh Ah Nee with an 8.47% stake.
TCS has been loss making for three consecutive quarters. For the fourth quarter ended Dec 31, 2023 (4QFY2023), the group posted a RM14.75 million net loss on higher raw material costs against a RM340,000 net profit a year earlier. This was despite its revenue jumping 35.04% to RM114.53 million from RM84.81 million on higher progress billings.