Advancecon wins RM25.4mil infrastructure works contract from Sime Darby Property

PETALING JAYA: Advancecon Holdings Bhd has accepted a letter of acceptance (LoA) from Sime Darby Property (Bukit Jelutong) Sdn Bhd worth RM25.35mil to undertake main infrastructure works for Tiara Residences in Seksyen U8, Shah Alam, Selangor.

In a filing with Bursa Malaysia, the earthworks and civil engineering firm said the LoA was received by its wholly-owned subsidiary, Advancecon Infra Sdn Bhd.

“There are no foreseeable significant risks other than operational risk associated with the contract during the contract period.

“Barring any unforeseen circumstances, the contract is expected to contribute positively towards the future earnings of Advancecon Group for the duration of the contract and will not have any effect on the share capital and substantial shareholders’ shareholdings of the group,” it said.

The works are scheduled to be completed within 18 months, commencing with site possession in June 2024.

Advancecon said it intends to fund the contract via internally generated funds and/ or external borrowings.