KUALA LUMPUR (May 13): Integrated construction and property firm PTT Synergy Group Bhd (KL:PTT) has secured two contracts worth a total of RM169.85 million from Sime Darby Property Bhd (KL:SIMEPROP).

The first is a RM96.61 million contract for the proposed construction and completion of earthworks and ancillary works for Stage 1 (Section 1 and Section 2) at Lagong Mas, Gombak, Selangor.

The group, via its wholly-owned Pembinaan Tetap Teguh Sdn Bhd, received the letter of award (LOA) for the project from Sime Darby Property (Lagong) Sdn Bhd, a wholly owned unit of Sime Darby Property, according to PTT Synergy’s bourse filing on Monday.

According to the LOA, the date for possession shall commence on May 27, 2024 and the date for completion shall be on Nov 26, 2025.

In a separate filing, PTT Synergy said it has also bagged another contract for earthworks and ancillary works worth RM73.24 million from Sime Darby Property (Bukit Raja) Sdn Bhd, also a wholly owned subsidiary of Sime Darby Property, for the development of Bandar Bukit Raja Stage 3.

It is expected to take possession of the site on May 27, 2024 and complete the job by Nov 26, 2025.

Prior to the announcements, PTT Synergy shares rose as much as 29.3% to RM1.59 on Monday. It later pared some of its gains to close at RM1.57 — still up 34 sen or 27.6% from its previous close, making it the highest closing price for the group since 2000, when the company was known as Grand Hoover Bhd.