KUALA LUMPUR, March 11 —  Shares of IJM Corporation Bhd were higher on a new contract secured by the conglomerate worth RM530 million, which could keep it busy for 36 months.

Slated for completion by May 2023, the contract is to undertake works on two blocks of serviced apartments, namely TRX Residences at Tun Razak Exchange, Jalan Tun Razak/Jalan Davis in Kuala Lumpur.

It comprises the 53-storey Tower A (443 units) and the 57-storey Tower B (453 units).

"We understand that TRX Residences, the first contract bagged by IJM Corp in financial year 2020, is a fourth addition to the group’s portfolio of iconic construction projects in TRX.

"It is an acknowledgement of its extensive expertise in high-rise building construction. In regard above, IJM Corp is undertaking the construction of HSBC Malaysia’s and Affin Bank’s new headquarters in TRX,” MIDF Research said in a note today.

It said the contract would add another RM530 million to the current order book of IJM Corp estimated at around RM5 billion.

MIDF has upgraded the stock to "buy” from "neutral” with an unchanged target price of RM1.95.

At 11am, shares of IJM rose six sen to RM1.86 with 890,700 shares transacted. — Bernama