KUALA LUMPUR (March 20): Scanwolf Corp Bhd (KL:SCNWOLF) has secured a RM42 million contract for sub-structure works on two commercial blocks in Jalan Ampang in a related-party transaction (RPT).

In a filing with Bursa Malaysia on Thursday, Scanwolf said its wholly owned subsidiary, Scanwolf Builder Sdn Bhd (SBSB), has accepted the letter of award from Fixus Construction Sdn Bhd.

The transaction is classified as an RPT as Scanwolf’s managing director and major shareholder, Eddy Seah Ley Hong, who holds a 60.6% stake, is also the sole shareholder and a director of Fixus Construction.

According to Scanwolf, the contract involves sub-structure works for a mixed-use development in Jalan Ampang, featuring a 69-storey SOHO block (775 units), a 78-storey SOVO block (1,440 units), and a 10-storey podium housing retail units, utilities, and parking.

The scope of work includes piling, basement retaining structures, and an on-site detention system with a water tank beneath the lowest floor level.

The 20-month contract is set to commence on March 20, with completion expected by Nov 19, 2026.

“The new contract reinforces SBSB’s growing presence in the construction and infrastructure sector, demonstrating its ability to adapt and innovate in response to market demands,” the company said in a statement.

The company added that the successful execution of the project would further enhance its reputation and financial performance.

Scanwolf’s shares settled half a sen lower to 54.5 sen on Thursday, valuing the company at RM116.7 million.