KUALA LUMPUR: Malaysian Resources Corp Bhd's acquisition of George Kent Bhd's entire 50% stake in their Light Rail Transit 3 (LRT3) joint venture is a bargain purchase and will improve contract profitability, says Kenanga Research.
In a note, the research house said the RM53mil stake purchase is a bargain given that MRCB-GK Sdn Bhd still has future profits yet to be recognised, which would enhance its existing book value.
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