Advancecon bags RM60.6m ECRL subcontract

KUALA LUMPUR (Jan 26): Advancecon Holdings Bhd has bagged a RM60.6 million subcontract for the proposed construction and completion of subgrade works of Package 3, Section 4 for the East Coast Rail Link (ECRL) project.

In a filing with Bursa Malaysia today, Advancecon said its wholly-owned subsidiary Advancecon Infra Sdn Bhd (AISB) has accepted the letter of acceptance from China Communications Construction (ECRL) Sdn Bhd for the appointment of AISB as the subcontractor.

The contract period spans March 1, 2021 to April 15, 2023

Advancecon said there are no foreseeable significant risks other than operational risk associated with the contract during the contract period.

“The contract is expected to contribute positively towards the future earnings of the group for the duration of the contract, and will not have any effect on the share capital and substantial shareholders’ shareholdings,” it said.

Advancecon intends to fund the contract via internally generated funds and/or external borrowings.

At 3.19pm today, Advancecon rose two sen or 5.63% to 37 sen, giving it a market capitalisation of about RM142.49 million.

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