KUALA LUMPUR (June 14): Low voltage and medium voltage electrical power distribution equipment manufacturer and solutions provider Powerwell Holdings Bhd on Tuesday (June 14) announced it has bagged a supply contract worth RM94.12 million for a new building project in Kulim Hi-Tech Park, Kedah.
In a bourse filing, Powerwell said its wholly-owned subsidiary Powerwell International Sdn Bhd had accepted a letter of award dated June 10 from Tialoc Malaysia Sdn Bhd for the supply, installation, testing and commissioning of low voltage panels.
The delivery of the supply contract is expected to be completed by March 15, 2023.
This is Powerwell’s second contract from Tialoc in 2022 and with this latest win, Powerwell’s outstanding order book has risen to RM201 million.
Last March, Powerwell announced that it had secured a supply contract worth RM40 million for Tialoc’s semiconductor production and testing plant.
In a separate statement on Tuesday, Powerwell regional sales and marketing director Aaron Leong said Powerwell has continued to expand its footprint in international markets, especially in the Southeast Asia region since the inception of its first overseas project in 2000.
“Currently, our products are exported to various countries including Indonesia, Pakistan and Bangladesh.
“Going forward, we will continue to actively participate in the tenders, while leveraging on our strong track record over the past 30 years to strengthen our regional presence,” he said.
Powerwell’s share price finished 2.27% or half a sen lower at 21.5 sen on Tuesday, bringing a market capitalisation of RM121.53 million.