Kitacon unit secures City of Elmina contract for RM80.98mil

KUALA LUMPUR: Kumpulan Kitacon Bhd has via its wholly-owned subsidiary Kitacon Sdn Bhd accepted a letter of award from Sime Darby Property City (City of Elmina) Sdn Bhd for main building works valued at RM80.98mil.

The group said in a filing with Bursa Malaysia it will, as per the contract, construct 40 double-storey cluster houses, 86 double-storey semi-detached houses and one Tenaga Nasional substation in Section U15, Shah Alam.

It said the contract will commence on April 22, 2024, and be completed within 18 months.

Kitacon expects the contract to contribute positively to its earnings and net assets per share for the financial years ending Dec 31, 2024, onwards until the expiry of the contract.