Pestech wins RM50.23m Philippines project

PETALING JAYA: Pestech Sdn Bhd bagged a RM50.23 million contract from the The National Grid Corp of the Philippines (NGCP) to deliver a new 230kV Substation 230kV/115kV facilities in Calamba City, Philippines.

Pestechs' board of directors said in a Bursa Malaysia filing, it had received a notification of award to design, supply, install, test and commission secondary devices including the construction/ erection/ integration of NGCP supplied high voltage equipment.

The project located about 60km away from Manila Ninoy Aquino International Airport in the City of Calamba, Laguna Province, Calabarzon Region, Luzon Island, Philippines is divided into two portions namely offshore, which carries a contract value of US$5.36 million (RM22.67 million) and onshore, worth PHP332.14 million (RM27.56million).

"Under the Project, PESTECH will deliver a new 230kV Outdoor substation with 230kV/115kV facilities to serve the Laguna sector. This is to improve the reliability and operational flexibility of the 230kV system in the area; and to relieve some of the load on the existing 230kV network," Pestech's board said.

This project which is Pestech's first engineering, procurement, construction and commissioning (EPCC) project for a 230kV Main Substation in the Philippines and second power infrastructure project with NGCP, is slated to go on for 540 days following the notice to begin work from NGCP.

The project is expected to positively contribute to the future revenue and earnings of Pestech.

The company will also be recognising its earnings in the financial year ending June 30, based on the project's progress.

The integrated electric power technology company's shares were unchanged at RM1.54, with some 238,400 shares changing hands. It has a market capitalisation of RM1.18 billion.