Salcon's unit bags construction sub-contract worth RM18.33m

KUALA LUMPUR (May 7): Salcon Bhd's unit has bagged a sub-contract worth RM18.33 million for construction works for PNB Merdeka Ventures Sdn Bhd.

In a filing with Bursa Malaysia yesterday, Salcon said Envitech Sdn Bhd, a 60%-owned indirect subsidiary of the group, was awarded the sub-contract by Gamuda M&E Sdn Bhd.

It said the sub-contract is for the construction and completion of mechanical and electrical works, relocation of existing utilities and trunk sewer diversion at PNB Merdeka Venture's construction of the Jalan Belfield Tunnel.

The project commenced yesterday and is expected to be completed by Oct 31, the group said.

"The project is expected to contribute positively towards the earnings and net assets of Salcon Group for the financial year ending December 31, 2019," it added.

Salcon’s shares closed down 0.5 sen or 1.75% yesterday at 28 sen, with a market capitalisation of RM229.2 million. — theedgemarkets.com

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