Netscon bags RM90.4m ECRL subcontracts

KUALA LUMPUR (Jan 13): Building and infrastructure construction services provider Nestcon Bhd has bagged two subcontracts worth a combined RM90.4 million for the construction and completion of subgrade works under the East Coast Rail Link project in Kota Bahru, Kelantan.

The jobs, involving Package S1-1, Section 1 (Project S1-1) and Project S1-2, were awarded to its wholly-owned Nestcon Infra Sdn Bhd by China Communications Construction (ECRL) Sdn Bhd, Nestcon’s filing with Bursa Malaysia showed.

The respective subcontract sums for the two work portions are RM44.98 million and RM45.42 million.

The subcontract works shall start from Feb 7, 2022, with Project S1-1 to be completed by Sept 30, 2024, while Project S1-2 is to be completed by May 31, 2024.

Nestcon said the acceptance of the letters of award to undertake the new jobs are expected to contribute positively to the group’s net assets per share, earnings per share and gearing for the financial year ending Dec 31, 2022, and throughout the duration of the subcontract works.

Nestcon's share price closed one sen or 2.22% higher at 46 sen, giving the group a market capitalisation of RM296 million.

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