Hot stock: Soilbuild Construction hits 5-year high on Tuas Port contract win
The project entails building warehouses, gate buildings, a main intake substation and ancillary buildings in Tuas Port
SHARES of Soilbuild Construction surged on Friday (Jun 14) morning, after the group announced that it had bagged a S$647.5 million Tuas Port construction contract the day before.
As at 9.25 am, the counter had surged 113.9 per cent or S$0.041 to S$0.077, with about 6.5 million shares changing hands. The last time it reached such levels was in May 2019.
Its shares later eased to S$0.072, up 100 per cent or S$0.036, as at the midday trading break. The counter was among the top 10 most heavily traded by volume at the time, with 17.1 million securities transacted.
No married deals were recorded in early trade, based on ShareInvestor data.
After the market closed on Thursday, the group announced that the construction contract had been awarded to its wholly owned subsidiary, SB Procurement, for the construction of PSA Supply Chain Hub @ Tuas.
The project, which consists of warehouses, gate buildings, a main intake substation and ancillary buildings in Tuas Port, is expected to be completed by the third quarter of 2027.
Soilbuild Construction’s executive director, Lim Han Ren, said: “This marks an important landmark for the group, as the group’s order book is being propelled beyond the S$1.2 billion mark for the first time.”
The group added that it does not expect the contract to have a material impact on the consolidated net tangible assets per share and consolidated earnings per share for the current financial year ending Dec 31, 2024.
