KUALA LUMPUR (Dec 10): Cheeding Holdings Bhd (KL:CHEEDING) said on Wednesday it has secured a RM13.5 million contract from Tenaga Nasional Bhd (KL:TENAGA) for extension works at the Genting Sempah substation.

The contract involves dismantling the existing 132kV primary equipment and supplying, installing, testing and commissioning new primary equipment with new steel structures.

It also includes building and modifying plinths and related civil works, completing all secondary system works — including at the remote end — and installing new low-level gantries and steel poles with foundations, along with all required testing and commissioning, Cheeding said in a bourse filing.

The project was awarded to an unincorporated joint venture (JV) between Cheeding’s wholly-owned subsidiary, Pembinaan Bukit Cheeding Sdn Bhd (PBCSB), and Orasko Sdn Bhd (OSB). Under the JV arrangement, PBCSB will take up 60% of the rights, benefits and responsibilities, while OSB will assume the remaining 40%.

The works are expected to be completed within 540 days from the commencement date, which will be determined later, the company added.

Cheeding shares closed two sen or 2.5% higher at 83.5 sen on Wednesday, giving the company — which was listed just two months ago — a market capitalisation of RM665.7 million. The counter has gained nearly 132% against its initial public offering (IPO) price of 36 sen per share.