Takaso Resources Bhd's share prices declined 5.5 sen to 31 sen, which is also its lowest level for today, despite news of the possibility of its winning a RM1.2 billion military contract.

As at 10.51 am, the trading saw 26.82 million shares changing hands.

The stock, which opened at 37.5 sen, was among the actively traded shares on the local bourse. Up to now, the share price has hovered between 31 to 38 sen.

In a filing to Bursa Malaysia on Jan 4, Takaso Resources announced that it had entered into a memorandum of collaboration with Pesaka Astana (M) Sdn Bhd on further project collaboration.

In a further announcement to Bursa Malaysia on Jan 7, Takaso Resources said there were three initial letters of award from the Ministry of Defence (Mindef) which would likely see the start of collaboration between Takaso and Pesaka Astana.

It was reported yesterday that Pesaka Astana had secured a contract from Mindef to supply 300 vehicles. -- Bernama