Pestech consortium bags RM34.7m electrical job in Kyrgyzstan

PETALING JAYA: Pestech International Bhd and China's Shandong Power Equipment Co Ltd (SPECO) consortium has won a US$8.46 million (RM34.7 million) electrical contract in Kyrgyzstan.
In a filing with the stock exchange, Pestech said the consortium Pestech & SPECO Joint Venture had received a notification of award from Severelectro JSC for the design, supply and installation of three substations under the Electricity Supply Accountability and Reliability Improvement project.
Severelectro, Kyrgyzstan's largest state-owned power distribution company, serves more than 40% of all residential customers in the country and delivering more than 50% of the total electricity consumption. 
The project is funded by the World Bank with the aim of improving the reliability of the electricity supply in the capital city Bishkek as well as the Chui and Talas region.  
Pestech said the commencement and completion date of the project shall be determined upon signing of a contract agreement expected to be finalised in October 2016. It is expected to contribute positively to the future earnings and net asset per share of the company.