KUALA LUMPUR (April 7): KLCC Urusharta Sdn Bhd has awarded a RM2.62 million contract to Bintai Kinden Corp Bhd's wholly-owned subsidiary Kejuruteraan Bintai Kindenko Sdn Bhd (KBK) to undertake mechanical and electrical (M&E) work involving the replacement of the existing transformer at Tower 2 of the Petronas Twin Towers here with a new one.

Bintai Kinden said in a statement to Bursa Malaysia on Thursday (April 7) that KBK accepted the project's letter of award from KLCC Urusharta on March 30.

"The scope of work includes the supply [of a new transformer] and replacing the existing 33/11kV transformer with [the] new transformer, including modification of civil works of existing transformer room and relocation of M&E work along the route to deliver the new transformer.

"The contract is non-renewable and estimated to be completed by April 15, 2023," Bintai Kinden added.

"The contract will contribute positively to the revenue and earnings of the company for the financial year ending March 31, 2023 as well as to the future earnings and net assets per share of the Bintai group during the duration of the contract," Bintai Kinden said.

At 3.46pm on Thursday, Bintai Kinden's share price was one sen or 6.9% higher at 15.5 sen, giving the company a market value of about RM114.48 million.

Its latest-reported number of issued shares stood at 738.57 million, according to a filing with Bursa on March 22.