KUALA LUMPUR (Jan 20): Underground utilities engineering solutions provider UUE Holdings Bhd (KL:UUE), via its wholly owned subsidiary Kum Fatt Engineering Sdn Bhd, has secured two contract renewals worth a total of RM27.5 million from Sutera Utama Sdn Bhd.
The first contract, valued at RM13 million, involves the installation, testing and commissioning of 11kV underground cables and related accessories in Tenaga Nasional Bhd's (KL:TENAGA) East Coast distribution network. This renewal brings the total value of the project to RM39.1 million and is expected to be completed by February 2026.
The second contract, worth RM14.5 million, covers similar works in the southern region of Malaysia. This renewal increases the total value of the project to RM43.6 million, with completion slated for December 2025.
These latest wins bring UUE’s total order book for 2025 to RM64 million. Both contracts were initially secured by UUE in 2022, prior to its listing on Bursa Malaysia's ACE Market in July 2024.
UUE managing director Datuk Dr Ting Kok Hwa said the contract renewals highlight the positive momentum in Malaysia’s grid connectivity development and growing demand for underground utilities infrastructure.
"It also reflects our ability to deliver TNB-related projects in a timely manner,” he said in a statement on Monday.
Ting also outlined UUE’s future plans, revealing that the company is preparing to construct a new factory to support in-house manufacturing of high-density polyethylene (HDPE) pipes.
“We are now planning the construction of a new factory to support the in-house manufacturing of HDPE pipes and in the process of submitting planning permission to the relevant authorities to ensure all construction plans are properly executed.
“We believe execution is key. Our goal is to convert these projects into tangible results and deliver rewards to our shareholders,” he added.
UUE shares closed up 1.5 sen or 1.88% to 81.5 sen on Monday, for a market capitalisation of RM495.8 million. The counter has more than tripled in about six months from its initial public offering of 24 sen per share last July.