Advancecon bags RM45.83 million construction contract

PETALING JAYA: Advancecon Holdings Bhd has been appointed as the main contractor for a development in Alam Perdana, Kuala Selangor with a contract sum of RM45.83 million.
It told Bursa Malaysia that its wholly owned subsidiary Advancecon Infra Sdn Bhd (AISB) had on December 28 received and accepted the letter of award from Worldwide Property Management Sdn Bhd to to carry out earthworks and ancillary works for the project.
AISB is principally involved in earthworks and civil engineering services. The scope of works for the contract includes preliminaries, site clearance and earthworks at Phase 1 and Phase 2 of the development, ground treatment works, detention pond and drainage diversion and arch culvert.
The contract will begin on January 15, 2018 and is expected to be completed in sections. Phase 1A of the project is slated for completion on July 14, 2018 while Phase 1B is scheduled for November 14, 2018 and Phase 2 on July 14, 2019.
Advancecon said the contract expense will be financed via its internally generated funds and the job is expected to contribute positively towards the group's future earnings for the duration of the contract.
At 2.48 pm, Advancecon's shares gained 3.57% to 87 sen with some 348,800 shares done.