Mlabs Systems wins US$10m contract

PETALING JAYA: Mlabs Systems Bhd’s unit has bagged a US$10 million (RM42.8 million) contract for computer generated imagery production work.

The group told Bursa Malaysia that its wholly owned subsidiary Multimedia Research Lab Sdn Bhd has accepted a letter of award from Red Dragon Media Ltd for the contract. The contract will then be transferred to a joint-venture company, tentatively named Gold Dragon Media Sdn Bhd. It is valid until June 2018.

"The contract is expected to contribute positively towards Mlabs group's earnings and net assets for the financial year ending March 31, 2018," it noted.

Mlabs shares were down two sen to close at 24 sen yesterday on some 71.21 million shares done.