Minetech Resources bags RM28m contract for Cheras development

KUALA LUMPUR (Jan 11): Minetech Resources Bhd has bagged a RM27.69 million contract to undertake upgrading works along the Cheras Kajang Expressway for the proposed Emerald 9 Cheras development in Cheras, Selangor.

In a bourse filing yesterday, Minetech said its wholly-owned subsidiary Minetech Construction Sdn Bhd has received a letter of award from GLM Emerald Square (Cheras) Sdn Bhd appointing it as contractor for the proposed job.

Construction work is expected to complete by the second quarter of 2022.

"The contract is expected to contribute positively to the group's revenue, earnings and net assets for financial year ending March 31, 2021," said Minetech.

Shares in Minetech closed unchanged at 8.5 sen yesterday, bringing a market capitalisation of RM78.33 million. It saw 3.05 million shares traded. The counter has gained 70% in the past year from 5 sen apiece.

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