KUALA LUMPUR: Shares in Tafi Industries Bhd climbed in early trade Thursday after securing a RM30mil construction contract in Johor.

       The furniture manufacturer added 1.95%, or four sen to RM2.09 at 9.13am. Year-to-date, it has risen some 225%.

       Tafi’s wholly-owned unit TAFI Home & Office Sdn Bhd has secured a RM30mil contract from Buana Tunggal Sdn Bhd for construction works at a mixed commercial development at Permas City in Johor Bahru.

       It said TAFI Home & Office will also be entitled to a 30% share of the net gross development value proceeds of certain units of properties under the Permas City project, which is estimated to be about RM6mil.

       The construction-related works on the project will commence in December 2021 and is expected to take 12 months to complete.

       Tafi has proposed to undertake a bonus issue of up to 252.95 million new ordinary shares on the basis of two bonus shares for every one share held in the company.

       Tafi also proposed a bonus issue of up to 63.24 million warrants on the basis of one warrant for every two existing shares held.