KUALA LUMPUR: Pestech International Bhd’s unit Pestech Sdn Bhd has received a contract with a total value of about RM111.74mil from the operator of the state-power grid of the Philippines.
The contract is in relation to upgrading works at the substations in South Luzon and comprises an offshore portion valued at US$16.64mil (RM68.73mil) and an onshore portion worth 528.8 million Philippine pesos (RM43.01mil).
Under the project, Pestech will be furnishing, supplying, replacing, hauling, installing, testing and commissioning existing 230kV and 69kV electrical equipment including the associated equipment and materials in the San Juan, Lumban and Daraga substations, it said in a statement yesterday.
The project is scheduled for completion 450 days from its commencement date, which is yet to be determined.
This is the second award secured by Pestech from the National Grid Corp of the Philippines in December.
“This project forms part of the major power infrastructure upgrading projects undertaken by NGCP in its efforts to replace and upgrade the reliability of the power infrastructure in Philippines to support its robust growth.
“With two major contracts clinched by Pestech within a month, this has proven that Pestech has the capability and ability to provide and deliver its products and services to address the various needs and requirements for major utility companies in the region and other parts of the world, ” it said.
The project will contribute positively towards the revenue and earnings of Pestech in accordance to the stage of project progress to be recognised in the financial years ending June 30,2020, and June 30,2021.
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