KUALA LUMPUR (July 12): Chin Hin Group Property Bhd has secured a RM330 million contract to undertake substructure and superstructure works for the Intel Pelican project in Penang.

In a Bursa Malaysia filing, the group said its 65%-owned subsidiary, Kayangan Kemas Sdn Bhd, was awarded the contract by Exyte Malaysia Sdn Bhd.

The 15-month contract is expected to be completed by the third quarter of 2023.

"The contract is expected to contribute positively to the earnings and net assets of the group for the financial year ending Dec 31, 2022 and onwards, during the duration of the contract," said Chin Hin Group Property.

Shares in Chin Hin Group Property closed unchanged at 82 sen, giving the group a market capitalisation of RM363.57 million.