KUALA LUMPUR (Sept 30): TCS Group Holdings Bhd (KL:TCS) has secured a contract worth RM116.58 million from a subsidiary of S P Setia Bhd (KL:SPSETIA).

It involves building and related infrastructure works for 561 units of affordable housing as part of the Setia Bayuemas project in Klang, Selangor.

The building and infrastructure construction company said its wholly owned subsidiary, TCS Construction Sdn Bhd, had accepted the letter of award from I & P Kota Bayuemas Sdn Bhd for the project, according to its filing with Bursa Malaysia on Monday.

The construction period is 28 months, commencing in October 2024, with expected completion by February 2027.

TCS managing director Datuk Tee Chai Seng said the contract win would further strengthen the group’s order book and provide earnings visibility for the coming financial years.

“The overall outlook of the construction sector is currently more favourable as the raw material prices of goods have stabilised,” he said in a statement, noting that the project rollout from the public and private sectors is increasing, which bodes well for the construction industry.

Shares in TCS closed half a sen or 3.45% higher at 15 sen on Monday, giving the company a market capitalisation of RM90.09 million.