Advancecon bags Setia Alam mixed development job

KUALA LUMPUR (July 18): Advancecon Holdings Bhd has bagged its second earthworks contract worth RM20.51 million for the Eco Ardence mixed development in Shah Alam.

The contract entails earthworks and ancillary works for the second phase of the project in Setia Alam, the group said in a statement. The earthworks and civil engineering services specialist’s current order book stands at RM937 million.

“The latest contract win for Eco Ardence is a testament of our capabilities to meet our client’s requirements within a short span of time,” said group chief executive officer Datuk Phum Ang Kia.

“In return, this will enable us to be more competitive and position us well to increase our market share despite the challenging property segment.”

Phum said along with the latest contract, Advancecon’s new wins in the financial year to date amount to RM390.6 million.

The estimated duration of the Eco Ardence contract is nine months from site possession in July and is set to contribute positively to the group in the financial years ending Dec 31, 2018 and 2019, he added.

Shares in Advancecon closed up 0.5 sen or 1.07% at 47 sen yesterday, with a market capitalisation of RM188.98 million.

This article first appeared in The Edge Financial Daily, on July 18, 2018.

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