HSL consortium secures RM91mil contract

The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia's Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had little hope of recouping her bank's $10 million from the perpetrator, who was sentenced to life imprisonment. "We can't afford to lose the case. This represents 70 percent of our capital. Our business may get suspended," Josephine Yei said in an interview.

KUALA LUMPUR: Hock Seng Lee Bhd (HSL) via a consortium has secured a contract worth RM90.98mil from Sarawak Energy Bhd for a substation project in Sarawak. 

In a filing with Bursa Malaysia, HSL said the consortium of Larsen & Toubro Limited, HSL and Larsen & Toubro (East Asia) Sdn Bhd has been awarded a contract by Sarawak Energy Bhd for the Matang 275/132/33/kV Substation Project in Matang, Kuching, Sarawak.

HSL has 45% equity in the consortium.

The scope of works for HSL includes earth works, pilling, civil infrastructure works, building and its related mechanical and electrical works. 

The contract period for the completion and commissioning of the project is 32 months commencing Jan 7, 2019.

“The contract is expected to contribute positively to the earnings and net assets of HSL Group as the project progresses during the contract period.  However, the transaction will not have any effect on the share capital and substantial shareholdings of HSL,” HSL said.