Advancecon secures quarry operation agreement

In a filing with Bursa Malaysia yesterday, Advancecon said the estimated contract value is based on the contract duration, monthly agreed extract and supply quantity to Omya and the rate per tonne.

PETALING JAYA: Advancecon Holdings Bhd’s 51%-owned subsidiary, Spring Energy Sdn Bhd, has secured a quarry operation agreement with Omya Malaysia Sdn Bhd for an estimated value of RM33.18mil to carry out the extraction and quarrying of calcium carbonate (marble) at a site in Kinta, Perak.

In a filing with Bursa Malaysia yesterday, Advancecon said the estimated contract value is based on the contract duration, monthly agreed extract and supply quantity to Omya and the rate per tonne.

“After taking into consideration the indirect 51% equity interest owned by Advancecon, Advancecon would potentially recognise RM16,92mil of the contract value,” it said.

The commencement of the works will be no later than Jan 1, 2022.

and will continue until Dec 31, 2025, unless it is terminated earlier based on the terms of the agreement. The term may be extended at the option of Omya for another 12 months.