Puncak Niaga project value in Kuantan revised


  • Corporate News
  • Wednesday, 22 Jul 2020

The company told Bursa Malaysia that PNCSB had yesterday entered into a supplemental agreement with Jalur Cahaya Sdn Bhd to revise the contract value. (File pic shows a Puncak Niaga water treatment plant.)

PETALING JAYA: Puncak Niaga Holdings Bhd has agreed to the lower contract sum for a regional sewerage treatment plant project in Kuantan, Pahang secured two years ago.

The new contract value was revised to RM432.66mil effective July 21, the company said in a filing with Bursa Malaysia yesterday.

Puncak Niaga’s wholly owned subsidiary, Puncak Niaga Construction Sdn Bhd (PNCSB), was appointed as the principal sub-contractor for the project on May 2,2018 in a RM489.9mil deal.

The company told Bursa Malaysia that PNCSB had yesterday entered into a supplemental agreement with Jalur Cahaya Sdn Bhd to revise the contract value.

“The revised contract sum arose due to a downwards revision of the Kuantan project’s contract sum between the main contractor and the client, Jabatan Perkhidmatan Pembetungan, Kementerian Alam Sekitar dan Air, ” it said.

Puncak Niaga’s shares closed unchanged yesterday at 21.5 sen on a volume of 360,500 shares.

Puncak Niaga posted a net loss of RM4.2mil on a revenue of RM110.3mil for the first quarter ended March 31,2020. This compared with a net loss of RM17.7mil and a revenue of RM98.2mil in the corresponding period of the preceding year.

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