ADVANCECON Holdings Bhd’s wholly owned unit, Advancecon Infra Sdn Bhd (AISB), has clinched subcontract works worth RM86.75 million from KEB Builders Sdn Bhd.

In a filing to Bursa Malaysia today, the company said AISB accepted a letter from KEB for its appointment as the subcontractor for the “Preliminaries, Site Clearance and Earthworks, Geotechnical Works, Erosion Sediment and Control Plan” job.

The overall subcontract period is 30 months, starting from Dec 13, 2022, said the company which is principally involved in providing earthworks and civil engineering services.

The group intends to fund the subcontract via internally generated funds and/or external borrowings.

The subcontract is expected to contribute positively towards the future earnings of the Advancecon group for the duration of the subcontract and will not have any effect on the share capital and substantial shareholders’ shareholdings of the Advancecon group.

Advancecon closed unchanged today at 25 sen, translating to a market capitalisation of RM123 million. — TMR/TMRpic