Annum secures RM53 mil contract to supply material, labour for office building construction

• The two-year sub-contract was awarded by Iqzan's subsidiary Kacon Construction Sdn Bhd, said Annum in a bourse filing.

KUALA LUMPUR (July 10): Annum Bhd (KL:ANNUM) said it has been awarded a sub-contract worth RM53.2 million by Iqzan Holding Bhd (KL:IQZAN) to supply material, labour and machinery for the construction of an office building in Jalan Tun HS Lee.

The two-year sub-contract was awarded by Iqzan's subsidiary Kacon Construction Sdn Bhd, said Annum in a bourse filing.

Iqzan had announced last month that the main contract secured by Kacon to build the 24-storey office building was worth RM143 million.

Annum said the supply of the material, labour and machinery is for piling, structural and architecture work.

The group said the sub-contract is expected to contribute positively towards its earnings and net assets.

For the third quarter ended March 31, 2024, Annum posted a net profit of RM603,000 compared with a net loss of RM1.91 million a year earlier, despite a more than 10-fold decline in revenue to RM3.5 million from RM36.55 million due to the cessation of its plywood trading business.

Shares in Annum closed unchanged at 10 sen on Wednesday, valuing the group at RM22.75 million.

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