KUALA LUMPUR (July 10): Newly-listed Advancecon Holding Bhd has today bagged a contract for the development and upgrading of the Pan Borneo highway in Sarawak for a contract sum of RM30.1 million.
In its filing with Bursa Malaysia today, Advancecon said its wholly-owned subsidiary Advancecon Infra Sdn Bhd received a letter of award from LM Partners Sdn Bhd for construction earthworks, excavation in unsuitable materials, sand filling and surface drainage works.
It added that the contract will commence from Aug 5 this year and be completed on Sept 23, 2019 and it intends to fund the contract via internally generated funds and/or external borrowings.
"Barring any unforeseen circumstances, the contract is expected to contribute positively towards the future earnings of Advancecon for the duration of the contract and will not have any effect on the share capital and shareholdings of Advancecon Group," it added.
At 2.44pm, Advancecon rose 20 sen or 31.75% to 83 sen, with some 106.3 million shares exchanging hands.
Source: The Edge Markets