Sunday 14 Jul 2024
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KUALA LUMPUR (Dec 5): Kinergy Advancement Bhd (KAB) has been appointed as a sub-contractor to undertake electrical, telephone, and extra low voltage (ELV) services for the M Nova residential development in Kepong, Kuala Lumpur, worth RM31.04 million.

In a bourse filing on Tuesday, the one-stop sustainable energy and engineering solutions specialist said that it had accepted a letter of award (LOA) issued by Myvilla Development Sdn Bhd, a subsidiary of property developer Mah Sing Group Bhd, for the appointment.

KAB added that this project is an additional contribution to the group's order book and will further reinforce its expertise as an electrical specialist.

The group remains committed to advancing its well-established competence in engineering solutions and integrating sustainable energy solutions, aligning with its diversification efforts and strategic goals.

In a separate statement, KAB added that the job scope includes carrying out electrical, telephone, and extra low voltage works for a three-block serviced apartment project, with a total of 2,080 units to be built in two phases.

"The first phase consists of Tower A and Tower B with 624 units each, on top of seven floors of car park facilities and other amenities and a second phase in the form of Tower C with the remaining 832
residential units and a retail podium at the lower levels," it said.

KAB's executive deputy chairman cum group managing director Datuk Lai Keng Onn said: "We feel delighted to be managing this project as our 13th project for Mah Sing. This contract will not only fortify our existing order book with a long-term client but also further solidify our partnership with Mah Sing. It demonstrates the trust and confidence that Mah Sing has in our capabilities and expertise.”

“Not only that, besides the technical expertise, both Mah Sing and our company are also committed to sustainable development, responsible business, and environmental, social, governance practices. This shared commitment will enable us to collaborate effectively in creating projects that not only meet the highest standards of quality but also contribute positively to the effort of creating a sustainable and ESG-conscious ecosystem,” Lai added.

It is noteworthy that this is the second contract worth over RM30 million received by KAB in November alone. On Nov 6, KAB secured a RM33.3 million contract from Pengerang LNG (TWO) Sdn Bhd, a subsidiary of Petronas Gas Bhd, to supply utilities expansion and infrastructure enhancement of 137,000 cu m of liquefied natural gas carriers into a floating storage unit (FSU) transformation.

At the time of writing, shares in KAB were half a sen or 1.39% higher at 36.5 sen, giving the group a market capitalisation of RM709.97 million.

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