KUALA LUMPUR (Oct 27): REDtone Digital Bhd, whose shares price hit its highest in six years on Wednesday, said it has been appointed as a universal service provider for the Jendela Phase 1 (Part 2) project.

In a bourse filing, REDtone said its wholly owned subsidiary REDtone Engineering & Network Services Sdn Bhd (RENS) has received the notice of approval from the Malaysian Communications and Multimedia Commission (MCMC).

The job scope includes the design, supply, installation and operations of network service equipment.

“It also includes services relating to the provisioning of 2G and 4G public cellular services for 14 clusters, covering 213 sites which are part of the Jendela initiative,” it added.

REDtone Digital (formerly known as REDtone International Bhd) is a subsidiary of Berjaya Corporation Bhd. Listed on the ACE Market in 2004, it is a leading integrated telecommunication and digital infrastructure services provider.

REDtone’s share price rose 28.57% or 16 sen to an intraday high of 72 sen on Wednesday,  before closing 13.5 sen or 24.32% higher at 69 sen. This is its highest price since July 2015. 

Year to date, the counter has surged 97% from 35 sen.

REDtone’s trading volume swelled to 85.15 million, exceeding its 200-day average volume of 2.88 million by almost 30 times.

At 69 sen, the group has a market capitalisation of RM544.71 million.

Source: theedgemarkets