By Stella Goh

Advancecon Holdings Berhad announced its wholly-owned subsidiary Advancecon Infra Sdn Bhd (AISB) has accepted two letters of awards as the subcontractor for proposed construction and completion of subgrade and related works for ECRL projects.

The first contract worth RM53.7mil will start commencing from 7 September 2020 to 6 January 2023. While the second contract worth RM27.1mil, will commencing on 7 September 2020 to 6 September 2022. According to Advancecon Group CEO Datuk Phum Ang Kia, these contracts win are a timely boost for the company’s existing earthworks and civil engineering works orderbooks, and signifies the confidence its clients has in the group to be part of the country’s biggest infrastructure development.

AISB is principally involved in the business of providing earthworks and civil engineering services. The company also intends to fund the jobs via internally generated funds or external borrowings.

With these contracts, the company will be well-positioned and more competitive in future ECRL tenders due to the presence of mobilized resources. The government’s ongoing plan to implement the ECRL in the next few years is certainty positive for the company’s future prospects within this infrastructure megaproject.

Advancecon’s orderbook expands to RM771.1mil, with earnings visibility for a minimum of 28 months.

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