Advancecon associate accepts RM153.5mil contract for earthworks job in Bintulu

KUALA LUMPUR: Advancecon Holdings Bhd's 30%-owned Advancecon Sarawak Sdn Bhd has accepted a letter of award from Wenan Steel (Malaysia) Sdn Bhd to be the main contractor for the earthworks of an iron and steel production complex in Bintulu, Sarawak, for RM153.5mil.

The contract shall commence from March 15, 2021 to March 14, 2022.

"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," it said in a filing with Bursa Malaysia.

At 12.30pm, shares in Advancecon were up one sen or 2.62% to 39 sen a share on the back of 625,600 units traded.

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