KUALA LUMPUR (Jan 5): Gabungan AQRS Bhd has bagged a RM360.98 million subcontract from its 30%-owned associate Kreatif Sinar Gabungan Sdn Bhd to undertake construction works for the proposed development of Pusat Pentadbiran Sultan Ahmad Shah in Kuantan, Pahang.

In a filing with Bursa Malaysia yesterday, Gabungan AQRS said its wholly-owned subsidiary Gabungan Strategik Sdn Bhd had accepted a letter of award (LoA) from Kreatif Sinar Gabungan for the works.

Under the terms of the LoA, Gabungan Strategik will operate as a turnkey contractor for the proposed project. The works are to be completed within 39 months, from Dec 27, 2016 to March 26, 2020.

"The works are expected to contribute positively to the future earnings, net assets per share and gearing of Gabungan AQRS' group of companies for the financial years ending Dec 31, 2017 to 2020," said Gabungan AQRS.

Shares in Gabungan AQRS closed down one sen or 1.1% at 90 sen yesterday, giving it a market capitalisation of RM351.35 million.

This article first appeared in The Edge Financial Daily, on Jan 5, 2017. Subscribe to The Edge Financial Daily here.

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