Advancecon bags RM43m earthworks job from Sime Darby

KUALA LUMPUR (Nov 15): Advancecon Holdings Bhd has bagged a RM43.37 million contract to undertake earthworks and appurtenance works for Phase 2 of the Serenia City township development in Sepang, Selangor.

In a filing with Bursa Malaysia yesterday, the earthworks and civil engineering services specialist said its wholly-owned subsidiary Advancecon Infra Sdn Bhd has accepted the letter of award from Sime Darby Serenia Development Sdn Bhd for the proposed project.

The contract is from Nov 27, 2018 to Feb 26, 2020.

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

“Barring any unforeseen circumstances, the contract is expected to contribute positively towards the group’s future earnings for the financial year ending Dec 31, 2018 (FY18) and FY19,” it added.

Advancecon group chief executive officer Datuk Phum Ang Kia (pic) said its current order book of RM876.3 million, which includes works for infrastructure projects such as the West Coast Expressway and the Pan Borneo Highway, will provide earnings visibility for the group over the next three years.

The group has secured four new contracts with a total value of RM461.3 million thus far in FY18, encompassing earthworks for infrastructure and property development projects.

This article first appeared in The Edge Financial Daily, on Nov 15, 2018.

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