Nestcon bags RM91.18mil hydroelectric project

KUALA LUMPUR: Nestcon Bhd has secured a contract worth RM91.18mil from Euro Saga Sdn Bhd for the Nenggiri Hydroelectric project.

In a filing with Bursa Malaysia, the construction engineering company said its unit, Nestcon Infra Sdn Bhd had accepted a letter of award (LOA) from Euro Saga appointing Nestcon Infra as the subcontractor for the project.

Nestcon said the total provisional sum of RM91.18mil shall be claimable by and payable to Nestcon Infra on a progressive claim based on the work done.

The expected completion date for the construction works is by April 25, 2026.

“The acceptance of the LOA by Nestcon Infra is expected to contribute positively to the earnings and net assets of the company throughout the duration of the project, and is not expected to have any and/or will not have any material effect on the gearing of the company,” Nestcon said.