Regulators in Malaysia, Singapore, Indonesia and Thailand have also placed Financial.org on alert lists of unauthorised firms with whom investors should exercise caution.
KUALA LUMPUR: Advancecon Holdings Bhd
's unit Advancecon Infra Sdn Bhd has been appointed as a main contractor for earthworks and ancillary works for the Alam Perdana development in Kuala Selangor for a contract sum of RM45.83mil.
The job was awarded by Worldwide Property Management Sdn Bhd, a provider of earthworks and civil engineering services, and will be carried out in three phases over a period of 18 months.
"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’ shareholdings of Advancecon Group," the group said in its announcemen to Bursa Malaysia.
It added that it intends to fund the Contract via internally generated funds and/ or external borrowing.
At 12.30pm, Advancecon was trading three sen or 3.57% higher at 87 sen a share with 235,500 shares exchanging hands.
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