KUALA LUMPUR : Ingress Corporation Bhd's shares traded higher yesterday following a news report that it may secure another major rail contract worth RM1 billion after earlier winning a contract of the same value.

The stock closed 8.34% or four sen higher at 52 sen, with 121,000 shares traded after touching a high of 55 sen. A news report reported that Ingress was tipped to secure the new contract to supply signalling and communication systems for the Ipoh-Padang Besar double-tracking railway project.

Ingress executive vice-chairman Datuk Rameli Musa could not be reached for comment.

The company announced on July 7 that its 49% associate company, Balfour Beatty Rail Sdn Bhd, in a joint venture with Ansaldo STS Malaysia Sdn Bhd, had secured a RM1 billion contract to provide rail electrification for the Ipoh-Padang Besar double-tracking project.

In a statement to Bursa Malaysia yesterday, Ingress reiterated the securing of the earlier contract, but was silent on the speculation on the portion involving signalling and communication systems.

Balfour Beatty's technological expertise in railway systems is evident in the diverse range of services it provides, from planning to project management in the field of power and electrification, track works, signalling and asset management.