KUALA LUMPUR (Dec 18): Earthworks and civil engineering services provider Advancecon Holdings Bhd (KL:ADVCON) has secured a RM417.7 million contract to undertake the development of the Silver Valley Technology Park (SVTP) in Perak.

Its wholly-owned Advancecon Infra Sdn Bhd was appointed as the main contractor for the project, boosting Advancecon's unbilled order book to RM739.3 million. The project, spanning 36 months, includes key infrastructure civil works and external mechanical and electrical services, the group said in a statement.

The project will involve site clearing, earthworks, construction of roads and drainage systems, bridges, and the installation of external mechanical and electrical systems such as street lighting and services for power substations.

Advancecon's group chief executive officer Datuk Phum Ang Kia said the group is honoured to be appointed as the main contractor for a landmark project like the SVTP, which is poised to become a state-of-the-art industrial hub.

"This contract not only reinforces our position as a trusted industry leader but also underscores the confidence our partners have in our capabilities. The Silver Valley Technology Park is a transformative initiative that will drive industrial and technological advancements in Perak, and we are proud to play a pivotal role in its development," Phum said.

Separately, Advancecon announced that its shareholders have approved a proposed employees' share option scheme (ESOS) during an extraordinary general meeting held on Wednesday. The ESOS is expected to raise RM20 million, which will be utilised for general working capital purposes.

Advancecon's shareholders also approved the group's proposed diversification into the property business, including development, property investment and property management.

Advancecon's shares closed 0.5 sen or 2% higher at 25.5 sen on Wednesday, giving the group a market capitalisation of RM149.11 million. Year-to-date, the stock has declined by 10.5%.