KUALA LUMPUR (Aug 10): Advancecon Holdings Bhd’s associate has bagged a RM45.48 million award as the contractor for the proposed construction and completion of earthworks and other related works, in relation to the Miri combined cycle gas turbine power plant project.

In a bourse filing on Thursday (August 10), Advancecon said its 30%-owned associate company Advancecon (Sarawak) Sdn Bhd (ASSB) had accepted the letter of award (LOA) from Petros Power Sendirian Bhd for the project.

ASSB is principally involved in the business of providing earthworks and civil engineering services and other related services.

The contract period is 12 months from the date of LOA. The group intends to fund the contract via internally generated funds and/ or external borrowings.

Shares in Advancecon rose half a sen or 1.39% to 36.5 sen, giving the group a market capitalisation of RM213 million.