Cabnet wins RM17.4mil contract

KUALA LUMPUR: Cabnet Holdings Bhd has secured a RM17.4mil contract from Axventure M&E Sdn Bhd for the provision of extra low voltage and information and communications technology (ICT) services.

In a filing with Bursa Malaysia, Cabnet said its wholly-owned subsidiary, Cabnet Systems (M) Sdn Bhd (CSM) had agreed and accepted a letter of acceptance from Axventure appointing CSM as the sub-contractor.

It said the contract was in relation to the provision of extra low voltage and ICT services for the designing, building, completing, commissioning and maintaining infrastructure and building works for Hospital Pengajar Universiti Teknologi Mara (zone 1 phase 3) at the contract price for works done in the sum of RM17.388mil excluding 6% goods and services tax. 

The completion date of the contract is scheduled to be August 2, 2019.

“The contract is expected to contribute positively to the group’s earnings and net assets per share from financial years ending Dec 31, 2017 to 2019, the duration of the contract assuming no material delay in the timing,” Cabnet said.