Contract win sends Cabnet shares up 53%

KUALA LUMPUR: Cabnet Holdings Bhd jumped 53% in early trade after securing a RM46mil contract from Jayaplus Development Sdn Bhd.

The building management solution provider jumped 52.63%, or 15 sen to 44 sen, its highest since mid-June 2018 at 9.36 am. The counter has risen a whopping 87% so far this year.

Cabnet’s wholly-owned subsidiary Cabnet M&E Sdn Bhd has been appointed as the sub-contractor for electrical works worth RM46mil.

The project involves the supply, installation, testing, commissioning, and maintenance of 11-kilovolt high voltage/low voltage electrical works."

Cabnet expects the contract to contribute positively to the group’s earnings and net assets per share from the financial years ending Feb 28, 2025, to 2028