Advancecon bags RM75.5m SKVE project

PETALING JAYA: Advancecon Holdings Bhd’s wholly owned subsidiary Advancecon Infra Sdn Bhd (AISB) has been appointed main contractor for RM75.5 million worth of infrastructure works (Package 1) for the South Klang Valley Expressway (SKVE).

In a filing with Bursa Malaysia today, Advancecon said the contract awarded by SKVE Holdings Sdn Bhd is for the proposed construction of the Tanjung Dua Belas junction at KM28.7 of SKVE in Kuala Langat.

The scope of works comprise demolition, site clearance and earthworks; soil treatment/improvement works; bridge works and inlet/outlet works; drainage works; pavement works; road furniture; environmental protection works; traffic management and control; as well as street lightings and mechanical and electrical infrastructure.

Site mobilisation is expected on Dec 1, 2017, followed by site possession and date of commencement on Jan 2, 2018. The works are expected to be completed by Dec 31, 2019.

The contract is expected to contribute positively towards the earnings of the group in the financial years ending Dec 31, 2017 till 2019. The group intends to fund the contract via internally generated funds and/or external borrowing.

Advancecon group CEO Datuk Phum Ang Kia said the group has invested heavily in expanding its machinery fleet and human resource capabilities, boasting more than 430 units of machinery compared with 320 at the start of the year, and a workforce exceeding 650 employees.

The latest contract brings the group’s total new wins year-to-date to RM170.8 million, boosting Advancecon’s current order book to RM603.4 million to be fulfilled over the next two to three years.

Advancecon closed 1 sen or 0.96% higher at RM1.05 today with a total of 369,100 shares traded.