KUALA LUMPUR (Jan 9): Kejuruteraan Asastera Bhd (KAB) has secured a RM19 million contract to provide electrical services to the Trion @ KL serviced apartment and hotel project at the intersection of Jalan Sungai Besi and Jalan Dua here.
In a Bursa Malaysia filing today, KAB said it had today accepted the letter of award (LoA) from Binastra Ablebuild Sdn Bhd, a subsidiary of property developer Binastra Land Sdn Bhd.
"The company (KAB) shall act as the nominated subcontractor for the complete supply, delivery, installation, testing and commissioning of the electrical services for Binastra Land Sdn Bhd on three blocks of pangsapuri servis (serviced apartments) and hotel located at Lot 162, Sungai Besi, Wilayah Persekutuan (Federal Territory of Kuala Lumpur)
"The date of commencement of the contract is on Jan 9, 2020, i.e. upon the acceptance of the LoA from Binastra Ablebuild Sdn Bhd. The delivery of KAB's services is expected to be completed by Nov 15, 2022. The LoA is expected to contribute positively to the future earnings of KAB for the duration of the contract," KAB said.
In a separate press statement attached to the Bursa filing, KAB said Trion @ KL comprises two blocks of 66 storeys each and a third block with 56 storeys.
The take-up rate of the project has exceeded 90%, according to KAB.
KAB managing director Datuk Lai Keng Onn said in the press statement that "the group's growth trajectory for the full year remains on track as we expect the new contract to contribute positively to our future earnings".
"We remain committed to our next phase of growth to drive revenue streams from new business segments such as the provision of maintenance services and the development of energy efficiency solutions for our clients," Lai said.
At Bursa's 12:30pm afternoon break today, KAB's share price settled up eight sen or 5.84% at RM1.45 for a market capitalisation of RM531.51 million.
The stock was traded between RM1.37 and RM1.47 so far today.