PETALING JAYA: DWL Resources Berhad shares spiked 19% to RM1.31 in today’s trading after it announced yesterday that it was forging a partnership with Gadang Engineering Sdn Bhd.
The stock rose 21 sen on a volume of 4.13 million shares after the agreement was signed for both companies to submit tenders for the infrastructure projects.
Gadang Engineering is a private limited company incorporated in Malaysia since 1980 and is a wholly-owned subsidiary of Gadang Holdings Berhad.
Gadang Engineering is primarily involved in civil engineering and construction and is experienced in undertaking large-scale projects.
The DWL-Gadang Consortium was formed for the preparation and submission of pre-qualification documents for tenders.
The consortium will also be negotiating with project owners and main contractors of the projects.
The interest of the parties to the consortium are Gadang at 70% and DWL at 30%
In a filing to Bursa Malaysia, DWL said the net assets of the company will potentially improve once the agreement is finalised.
On April 12, Aminul Islam Mohd Nor bought 59 million shares in DWL which translates to a stake of 30%.