KUALA LUMPUR (Aug 5): Construction services company Wawasan Dengkil Holdings Bhd (KL:DENGKIL) said it will hold a 70% stake in a joint venture with Terengganu-based Twin Hi-Technologies Sdn Bhd for the Silica Project, a fibre optic infrastructure initiative in southern Peninsular Malaysia that the consortium had won in early July.
Under the deal, Wawasan Dengkil will be entitled to 70% of the consortium’s profits and Twin Hi-Technologies the remaining 30%, the company said in a Bursa Malaysia filing on Tuesday.
On July 2, the two companies secured a RM44.76 million contract from PG LinkaranFiber Sdn Bhd to supply and construct fibre optic infrastructure for the Silica Project.
Wawasan Dengkil said the project is scheduled to commence on June 25 with a final acceptance certificate to be issued within 19 months upon completion of commissioning works. A 12-month defect liability period will follow thereafter.
Listed on the ACE Market on March 25, Wawasan Dengkil saw its shares close one sen or 4% lower at 24 sen on Tuesday, below its initial public offering price of 25 sen. The company’s market capitalisation stood at RM129.63 million.