Advancecon lands Bangi township job worth RM83.82m

KUALA LUMPUR (July 31): Advancecon Holdings Bhd has secured an earthworks and civil engineering contract for a township in Bangi, Selangor worth RM83.82 million.

In a filing to Bursa Malaysia today, the firm said its unit Advancecon Infra Sdn Bhd had on July 29 accepted the letter of award from G&P Infra Sdn Bhd for a township development at Setia Alamsari (South) by S P Setia.

It said the contract period will be for 34 months starting from Aug 1, 2019, to completed by May 31, 2022.

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

The firm said the project is expected to contribute positively towards its future earnings for the contract's duration.

Advancecon group chief executive officer Datuk Phum Ang Kia said repeated orders from reputable customers are often the best indications of works quality and reliability.

"Supporting yet another of SP Setia's township projects over the next few years ensures continued productivity and resource optimisation both in terms of machineries and manpower that will eventually lead to higher earnings in the future.

"Our earthworks and civil engineering works for Setia Alamsari in Bangi will bring our outstanding order book to exceed RM790 million, with revenue visibility for at least 24 months," said Phum.

At the midday break today, Advancecon added 1.28% or 0.5 sen to 39.5 sen for a market capitalisation of RM159.09 million.

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