CEO Morning Brief

Advancecon Clinches RM25m Infrastructure Works Contract in Shah Alam

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Publish date: Wed, 22 May 2024, 11:34 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (May 21): Earthworks and civil engineering specialist Advancecon Holdings Bhd has clinched a RM25.4 million contract from Sime Darby Property Bhd to undertake main infrastructure works for Tiara Residences in Seksyen 8, Shah Alam.

Its wholly-owned unit Advancecon Infra Sdn Bhd secured the contract from Sime Darby Property’s wholly-owned subsidiary Sime Darby Property (Bukit Jelutong) Sdn Bhd, it said in a statement.

According to Advancecon, the works are scheduled to be completed within 18 months, commencing with site possession in June 2024.

This contract signifies a significant expansion of Advancecon's partnership with Sime Darby Property, venturing beyond past earthworks collaborations for projects in Bandar Bukit Raja in Klang, Serenia City in Sepang and an industrial park in Pagoh, Johor.

“Our successful track record in delivering numerous earthworks contracts for Sime Darby Property has paved the way for yet another project by this reputable client. This award underscores their confidence in our capabilities and service quality. We look forward to delivering excellence in both earthworks and infrastructure solutions, solidifying our position as a leading player in the industry,” said Advancecon chief executive officer Datuk Phum Ang Kia.

At Tuesday’s noon break, shares of Advancecon slipped half a sen or 1.75% to 28 sen, valuing the group at RM163.72 million.

Source: TheEdge - 22 May 2024

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