Kumpulan Kitacon bags RM80 mil construction contract in Hulu Langat

• The contract was for the proposed construction and completion of three phases of double-storey houses and other associated works in Hulu Langat, Selangor.

KUALA LUMPUR (May 31): Kumpulan Kitacon Bhd via its wholly-owned subsidiary Kitacon Sdn Bhd has accepted a letter of award (LOA) for main buildings and associated works from Boustead Balau Sdn Bhd, a subsidiary of Boustead Holdings Bhd.

In its Bursa filing, the contract was for the proposed construction and completion of three phases of double-storey houses and other associated works in Hulu Langat, Selangor.

The LOA was valued at RM80.95 million and is expected to complete within thirty two months from August 1.

It will not have any effect on the share capital and shareholding structure of Kumpulan Kitacon Berhad, said the group.

“The contract, however, is expected to contribute positively to the earnings and net assets per share of Kumpulan Kitacon Berhad for the financial years ending 31 Dec 31, 2023 onwards until the expiry of the contract.”

On Wednesday (May 31), the counter closed 0.5 sen or 0.83% lower to 59.5 sen, valuing the group at RM295.02 million.