KUALA LUMPUR: Advancecon Holdings Bhd
’s shares fell almost 2% in early trade Thursday despite securing a RM417.7mil contract.
The construction engineering company dropped 1.96%, or 0.05 sen, to 25 sen with 373,500 shares traded, amid a weak overall market. The counter has fallen about 10% so far this year.
Advancecon’s subsidiary, Advancecon Infra Sdn Bhd, has won the RM417.7mil contract from another of its subsidiaries, Advancecon Development Sdn Bhd.
The contract appoints Advancecon Infra as the main contractor for the development of the Silver Valley Technology Park (SVTP) in Perak.
Following the latest contract win, Advancecon reported that the group's unbilled order book has increased to RM739.3mil as of Sept 30.
On Dec 16, Advancecon secured a RM44.6mil contract by Sime Darby Property Sdn Bhd for the construction of main infrastructure works for Phase 3 - Parcels 2 and 3 of the proposed development at Elmina West, a key component of the City of Elmina in Selangor.
