Advancecon’s unit secures RM33.2mil agreement

KUALA LUMPUR: Advancecon Holdings Bhd’s 51%-owned quarry operator, Spring Energy Resources Bhd has secured an agreement worth RM33.2mil to provide quarry operation and ancillary works at a site in Kinta, Perak.

In a statement, Advancecon said Spring Energy’s wholly-owned subsidiary, Spring Energy Sdn Bhd (SESB), had accepted the agreement from quarry owner, Omya Malaysia Sdn Bhd, to operate the site for four years until December 2025.

SESB will be appointed as the contractor to provide quarry operation services such as site management, drilling and blasting, extracting marble to loading hauling of extracted materials to plant for crushing, and ancillary works.

“Together with the recent RM18.8mil win, this new agreement further enhances Spring Energy’s earnings potential and lifts our wins to about RM52mil in quarry operations,” group chief executive officer Datuk Phum Ang said in a statement.

“This improves Advancecon’s growth prospects, especially in the long-term recurring income visibility.”