Jaycorp bags RM16.76 mil Sabah construction job

KUALA LUMPUR (Jan 10): Jaycorp Bhd's 60%-owned unit Jaycorp Engineering & Construction Sdn Bhd (JECSB) has won a contract for the construction of a seven-storey shop cum office at Likas Bay in Kota Kinabalu, Sabah.

In a bourse filing yesterday, the group said the contract — awarded by Solid Destiny Sdn Bhd (SDSB) — is valued at RM16.76 million and is for a period of 24 months.

"SDSB has issued a letter of award to JECSB and a formal contract agreement between SDSB and JECSB was signed on Oct 17, 2016.

"The project is a positive development for Jaycorp and its subsidiaries and is expected to contribute positively to Jaycorp Group's future earnings," it said.

Meanwhile, Jaycorp said the project, known as Spinnaker SOVO (Small-offce Virtual-office) Suite, will not materially impact its issued and paid-up share capital, substantial shareholders' shareholding, earnings per share, net assets per share and gearing of the group for the financial year ending July 31, 2017 (FY17).

Jaycorp rose 1 sen or 0.72% to close at RM1.40 yesterday, giving it a market capitalisation of RM190.1 million. — theedgemarkets.com