Advancecon 30%-owned unit secures RM32m contract in Kuching

KUALA LUMPUR (Jan 4): Advancecon Holdings Bhd said its 30%-owned associate, Advancecon Sarawak Sdn Bhd, has secured a RM32.38 million contract to undertake earthwork and site clearing at the Salak Land District in Kuching.

In a filing with Bursa Malaysia, Advancecon said the 12-month contract was offered by Yayasan Sarawak, with work commencing after the possession of the site.

The contract, which is to be funded via internally generated funds or external borrowings, is expected to contribute positively towards the group's future earnings.

Advancecon's shares closed 1.5 sen or 4.92% higher at 32 sen, giving the group a market value of RM155.14 million.

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