Advancecon secures RM21m subcontract from CCC-ECRL

• The group’s 51%-owned indirect unit Spring Energy Sdn Bhd accepted the subcontract from CCC-ECRL on Wednesday for the construction and completion of subgrade works, Section 8 from CH518+388.00 to CH519+000.00, according to a bourse filing.

KUALA LUMPUR (Jan 17): Advancecon Holdings Bhd has secured RM21.19 million in subcontract work from China Communications Construction (ECRL) Sdn Bhd (CCC-ECRL).

The group’s 51%-owned indirect unit Spring Energy Sdn Bhd accepted the subcontract from CCC-ECRL on Wednesday for the construction and completion of subgrade works, Section 8 from CH518+388.00 to CH519+000.00, according to a bourse filing.

Advancecon, which is involved in construction and quarry operations, said it will fund the subcontract via internally generated funds and external borrowings.

The subcontract, which will be completed on Dec 31, 2024, is expected to contribute positively towards Advancecon’s future earnings, it added.

Shares of Advancecon closed up half a sen or 1.75% to 29 sen on Wednesday, giving the group a market value of RM169.57 million.

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