KUALA LUMPUR (Feb 2): TRC Synergy Bhd’s unit Trans Resources Corporation Sdn Bhd (TRCSB) has landed a RM358 million contract to carry out refurbishment and infrastructure works at Subang Airport from Khazanah Nasional Bhd.

In a filing to Bursa Malaysia on Friday, TRC Synergy said TRCSB accepted the letter of award dated Jan 29, 2024 from Impeccable Vintage Properties Sdn Bhd, a unit of Khazanah.

The contract is for the proposed refurbishment of main building and infrastructure works at Subang Engineering Complex A.

The project will not have any effect on the issued and paid-up share capital, substantial shareholders' shareholdings, net assets per share and gearing of the company and its subsidiaries.

Barring unforeseen circumstances, the group said the project is expected to contribute positively to the earnings and earnings per share of the TRC group in the future.

“The board, after having considered all aspects of the offer, is of the opinion that the project is in the best interest of the TRC group,” it added.

In its latest note (Nov 15, 2023), Hong Leong Investment Bank Research said TRC Synergy’s unbilled order book stands at RM480 million, translating to 0.8 times cover on the company’s financial year 2022 (FY2022) construction revenue.

TRC Synergy shares closed unchanged at 45.5 sen, valuing the group at RM218.6 million.