KUALA LUMPUR (Sept 23): TXCD Bhd (KL:TXCD), formerly known as Ageson Bhd, has secured a new RM75.86 million contract in Sepang, Selangor, after mutually terminating an earlier agreement with Mateen Group.

In a Bursa Malaysia filing on Tuesday, the Practice Note 17 (PN17) construction outfit said its wholly-owned unit Ageson Kensetsu Sdn Bhd was awarded the contract by Golden Chain Development Sdn Bhd to carry out piling and building works for a serviced residence and small office/home office (SOHO) project at Kampung Limau Manis, a Malay reserve land near Putrajaya.

The new contract follows the termination of a RM75.67 million contract awarded by Mateen Group in June last year, which covered the same scope of works and location.

TXCD said the termination, effective immediately, was requested by Mateen Group after Golden Chain was appointed as the project’s new developer.

The company stressed that the termination was not due to any fault, delay or non-performance on its part. Both parties will settle all outstanding payments and deliverables as at Tuesday, with a final account to be prepared within seven days.

Under the new contract, Ageson Kensetsu will provide labour, materials, tools, equipment and machinery for the project. The job is expected to run for 30 months from the date building plan approval is obtained.

TXCD said the termination does not contravene any provision of the original conytract and is not expected to have a material impact on the company’s earnings or net assets for the financial year ending June 30, 2026.

TXCD was classified as a PN17 company in November 2023, after its external auditor flagged concerns over receivables, subsidiary revenues and asset valuations. The company has until Oct 29 to submit its regularisation plan to the relevant authorities.

Shares in TXCD closed unchanged at nine sen on Tuesday, giving the company a market capitalisation of RM28 million.