KUALA LUMPUR (April 11): UUE Holdings Bhd (KL:UUE), a Johor-based underground utilities engineering firm, said its Singaporean subsidiary has been awarded a subcontract valued at S$8.39 million (RM28.07 million) for the installation of high-density polyethylene (HDPE) pipes in Singapore.
The subcontract was secured by UUE’s wholly owned Konnection Engineering Pte Ltd from Weng Guan Technology Pte Ltd, the ACE Market-listed company said in a bourse filing on Friday. Weng Guan is the main contractor for the project, appointed by SP PowerAssets Ltd, Singapore’s power grid operator.
This subcontract marks the group’s largest contract win in Singapore to date, and involves the supply of materials, equipment, and expertise for the installation of the pipes, using the horizontal directional drilling method.
“The subcontract is expected to be completed by June 2027, with an option for a 12-month extension,” UUE said in its statement.
This latest contract increases UUE’s total order wins for 2025 to RM92.1 million, and is projected to positively impact the group’s earnings and net assets throughout the duration of the project.
“Looking ahead, we remain focused on expanding our regional order book, with successful execution being crucial to strengthening our presence in Singapore’s infrastructure market,” said UUE managing director Datuk Dr Ting Kok Hwa.
“With our integrated capabilities and proven track record, we are well-positioned to capture more strategic opportunities in the regional underground utilities sector,” Ting added.
Shares of UUE closed unchanged at 57 sen on Friday, giving the group a market capitalisation of RM343.19 million. The stock, which was a top performer during its initial public offering (IPO) last year, has seen a decline of over 35% year-to-date.