Pestech International bags US$81.77mil contract from Iraq

KUALA LUMPUR: Pestech International Bhd (Pestech), through its unit Pestech Sdn Bhd’s (PSB) joint venture with China Energy Engineering Group Tianjin Electric Power Construction Co Ltd (TEPC), has secured a US$81.77 million (US$1=RM4.60) from Iraq’s Ministry of Electricity.

The contract is for the completion of the works known as the Electricity Sector Reconstruction Project Phase (III), Lot 1-Construction of four 132 kilovolt Gas Insulated Switchgear (GIS) Substations in Baghdad, Iraq.

PSB is a wholly-owned unit of Pestech International Bhd.

In a filing with Bursa Malaysia today, Pestech said the contract entails the design, manufacture, test, delivery, installation, pre-commission and commission of the project, which includes the four GIS Substations.

The project is scheduled for completion within eighteen months from the date of commencement and is expected to contribute positively towards Pestech’s revenue and earnings in accordance with the stage of the project’s progress to be recognised in financial years 2024 and 2025. - Bernama