Vertice shares fall 4 sen after losing SUKE sub-contract job

PETALING JAYA: Vertice Bhd’s share price fell as much as 4 sen this morning after its wholly owned subsidiary Vertice Construction Sdn Bhd (VCSB) lost its sub-contract job for the Sungai Besi-Ulu Kelang Elevated Highway (SUKE) project.
At 11.26am, the stock was 1.12% or 1 sen lower at 88 sen with 8,100 shares traded. The stock traded at a low of 85 sen this morning. Last Friday, the shares gained 0.56% to close at 89 sen with 15,200 shares done.
Last Friday, Vertice said VCSB lost the sub-contract job after the SUKE project’s contractor was terminated.
In April, Vertice was awarded the RM339.85 million contract by San Mutual Maju Jaya Sdn Bhd (SMM) which in turn bagged the contractor job from Chengaljati Sdn Bhd (CSB).
Meanwhile, Turnpike Synergy Sdn Bhd which appointed CSB as the project’s contractor had terminated the company’s service along with SMM — which in turn had resulted in the termination of VCSB’s contract.