KUALA LUMPUR: Advancecon Holdings Bhd’s associate, Advancecon Sarawak Sdn Bhd (ASSB) has received a letter of award from Wenan Steel (Malaysia) Sdn Bhd to be its main contractor for the proposed earthwork of iron and steel production complex, involving RM153.5 million.
The contract period shall commence from March 15, 2021 until March 14, 2022, Advancecon Holdings said in a filing with Bursa Malaysia today.
ASSB is principally involved in the business of providing earthworks and civil engineering services.
The company said the contract is expected to contribute positively towards the future earnings of Advancecon Group and will not have any effect on the group’s share capital and substantial shareholders’ shareholdings.
“After considering all the relevant factors, we are of the opinion that the contract is in the best interest of the group.
“The group intends to fund the contract via internally generated funds and/or external borrowings,” it added. – Bernama
