KUALA LUMPUR (Dec 13): Advancecon Holdings Bhd’s wholly-owned subsidiary Advancecon Infra Sdn Bhd (AISB) has secured subcontract works worth RM86.75 million from KEB Builders Sdn Bhd.
In a filing to Bursa Malaysia on Tuesday (Dec 13), 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.
AISB is principally involved in providing earthworks and civil engineering services.
“There are no foreseeable significant risks other than the operational risk associated with the subcontract during the subcontract period,” the company said in the filing.
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.
The group intends to fund the subcontract via internally generated funds and/or external borrowings.