Protasco secures RM299.3mil road upgrading works contract

KUALA LUMPUR: Protasco Bhd’s wholly owned subsidiary, HCM Engineering Sdn Bhd, has secured a contract worth RM299.2mil from K.I. Engineering Sdn Bhd.

In a filing with Bursa Malaysia, Protasco said HCM had entered into a memorandum of agreement with K.I. Engineering to regulate the relationship with each other and set out their respective rights, duties and obligation in order to execute a contract to upgrade federal roads from Section 23.10 until Section 35.70 in Kulim, Kedah.

"Under the agreement, HCM Engineering shall share 70% of the profit from the project and shall act as the implementer to undertake the overall construction and financing of the project until its completion by Jan 27, 2026,” it said.

Protasco said the project is expected to contribute positively to the group’s future earnings.