PN17 TXCD gets RM119.1 mil in construction subcontracts from Vestland

KUALA LUMPUR (Feb 12): TXCD Bhd (KL:TXCD), a construction and property development player formerly known as Ageson Bhd and a Practice Note 17 (PN17) company, announced it has secured subcontracts valued at RM119.14 million for construction work in Kuala Lumpur from Vestland Bhd (KL:VLB).

According to its bourse filing, its unit, Ageson Kensetsu Sdn Bhd, secured a RM63.79 million subcontract for structure and architectural works for a project along Lorong Raja Uda 2, and a RM55.35 million subcontract for structure works and external works for a project along Jalan Ampang.

Both commenced on Wednesday, with the Lorong Raja Uda 2 job expected to be completed on July 31, 2027, while the Jalan Ampang job is expected to be completed on July 10, 2027.

The subcontracts, which are worth more than TXCD's market capitalisation, were secured from Vestland Resources Sdn Bhd, a unit of Vestland.

TXCD was classified as PN17 in November 2023, after its auditors expressed concerns about its financials and certain transactions the company undertook.

Shares in TXCD ended unchanged at 10 sen, valuing the company at RM57.9 million.

Vestland, which is also involved in contruction—mainly residentials—closed 2 sen lower at 46 sen, for a market cap of RM434.38 million. Vestland was listed three years ago on Jan 31, 2023.

Unlock Malaysia’s shifting industrial map. Track where new housing is emerging as talents converge around I4.0 industrial parks across Peninsular Malaysia. Download the Industrial Special Report now.