Hot stock: Ley Choon up as much as 20% after S$63.4m in contract wins

SHARES of Catalist-listed Ley Choon Group Holdings surged as much as 20 per cent, or S$0.003, to S$0.018 at 9.10 am on Tuesday (Jul 26), amid heavy trading.

The counter inched down slightly to S$0.016 at 11.25 am, with some 5.3 million shares changing hands.

This comes after Ley Choon on Monday evening announced that it has secured S$63.4 million worth of contracts for the installation and replacement of underground services and road reinstatement works.

The latest contract win brings Ley Choon’s order book to S$158.4 million, with projects to be delivered over the next 3 years. The company, which specialises in underground utility infrastructure, plans to continue tendering “prudently” for more projects.

“With the easing of Covid-19 restrictions, there is pent up demand for the upgrading works for Singapore’s complex underground utilities system. Our expertise and track record in this space have put us in an advantageous position to capture these opportunities,” said Toh Choo Huat, executive chairman and chief executive officer of Ley Choon.