KUALA LUMPUR: DWL Resources Bhd’s shares rose 11% in early trade Friday after forming a partnership with Gadang Holdings Bhd to jointly bid for infrastructure projects.
The ceramics and pottery products manufacturer rose 11.82%, or 13 sen to RM1.23 with 2.3 million shares done. Gadang rose one sen, or 1.46% to 69.5 sen.
DWL said its wholly-owned subsidiary, Million Rich Development Sdn Bhd has entered into the pre-bid consortium agreement with Gadang Engineering (M) Sdn Bhd, a wholly-owned subsidiary of Gadang.
The consortium between DWL and Gadang is known as “DWL-Gadang Consortium” will jointly prepare and submit the tender to project owners and/or the main contractors of infrastructure projects.
Last week, DWL saw 10 million shares transacted in an off-market deal, following recent changes in shareholding of the company.
The crossing represented 5% of the company’s total share base of 198.6 million and indicates the possible entry of new shareholders.
In January, Wan Khalik Wan Muhammad emerged as a substantial shareholder in the company with a 10% stake after acquiring 19.86 million shares via his private vehicle Total Sejati Sdn Bhd. Wan Khalik was subsequently appointed as an executive director of DWL Resources.
https://www.thestar.com.my/business/business-news/2019/04/19/quick-take-dwl-up-11pc-on-partnership-with-gadang-for-infra-projects/
