Advancecon bags subcontract job worth RM49.38m in Sarawak

KUALA LUMPUR (Oct 8): Advancecon Holdings Bhd has bagged a RM49.38 million subcontract job for road infrastructure projects in Sarawak under the Upper Rajang Development Agency (URDA).

In a filing to Bursa Malaysia, the firm said its wholly-owned unit Advancecon Infra Sdn Bhd received and accepted the letter of award from Advancecon (Sarawak) Sdn Bhd (ASSB), an associated company of Advancecon on Oct 8.

Advancecon said the subcontract job is under the URDA package 2, which consists of phase 1 – section 2, mainly for road infrastructure projects in Pelagus/Baleh, proposed new road from Baleh Bridge/Rh. Belaja, Ng. Benin/Sk. Ng. Pelagus to Pelagus Resort.

The scope of works include soil investigation, piling, geotechnical, environment protection and enhancement, traffic management and control, demolition and site clearance, earthworks, drainage, road and pavings, and bridge work.

The contract tenure is 29 months, commencing from Oct 19, 2019 and shall be completed by March 18, 2022, or any extension of time granted.

“Barring any unforeseen circumstances, the contract is expected to contribute positively towards the future earnings of Advancecon group for the duration of the contract and will not have any effect on the share capital and substantial shareholders’ shareholding of Advancecon group,” it added.

Advancecon shares closed one sen or 2.3% lower at 42.5 sen, for a market capitalisation of RM170.73 million. The counter saw some 2.23 million shares transacted.

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