KUALA LUMPUR (July 1): TXCD Bhd (KL:TXCD), a Practice Note 17 (PN17) construction and property development player formerly known as Ageson Bhd, has secured RM57.09 million worth of contracts from Sg Besi Construction Sdn Bhd for a project at Jalan Lombong here.
In a bourse filing on Wednesday, TXCD said its indirect subsidiary, Ageson Kensetsu Sdn Bhd, accepted two letters of award, including a RM41.43 million subcontract for infrastructure and mechanical and engineering works.
Meanwhile, the second contract worth RM15.66 million, covers the supply and delivery of concrete, reinforcement bars, British reinforced concrete (BRC), cement, and mechanical and engineering equipment for the same project.
The two contracts, worth more than TXCD's market capitalisation, commenced on Wednesday and are expected to be completed by Sept 1, 2028. At the time of writing, shares in TXCD were unchanged at 13.5 sen, valuing the company at RM42.1 million.
The group also said the contract is expected to contribute positively to its earnings, earnings per share and net assets in future.
On Feb 11, the group secured contracts valued at RM119.14 million for construction work in Kuala Lumpur from Vestland Bhd (KL:VLB).
TXCD was classified as a PN17 company in November 2023, after its auditors expressed concerns about its financials and certain transactions it undertook.