KUALA LUMPUR (May 11): Construction outfit Nestcon Bhd has received a letter of award (LoA) for a job worth RM85 million to design and build an integrated offsite scheduled wastes recovery facility in Kerteh, Terengganu.

In a bourse filing on Wednesday (May 11), the company said its unit Nestcon Builders Sdn Bhd has received the LoA from Greenverse Sdn Bhd for the job at Kerteh Biopolymer Park.

Nestcon said Greenverse is mainly involved in manufacturing, recycling to refine, to extract and otherwise dealing in and with petroleum and other oils and hydrocarbons.

The company said the payment shall be made to Nestcon Builders progressively based on the actual work done.

It said the overall contract period for the project is within 36 months from the date of commencement, and the project is expected to be completed for handover on or before July 17, 2025.

Nestcon said the project is expected to contribute positively to its earnings for the financial year ending Dec 31, 2022 and throughout the duration of the project.

At the midday break on Wednesday, Nestcon rose 5.38% or 2.5 sen to 49 sen, with 2.87 million shares traded.


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