KUALA LUMPUR (Sept 30): Willowglen MSC Bhd (KL:WILLOW) has secured RM24.9 million in contracts, its second win within a week, through its soon-to-be divested Singapore subsidiary Willowglen Services Pte Ltd.
In a bourse filing, Willowglen said wholly‑owned subsidiary Willowglen Services has been awarded two contracts by SP PowerAssets Ltd to maintain supervisory control and data acquisition (SCADA) systems in cable tunnels in Singapore.
SP PowerAssets owns and manages Singapore's electricity grid.
The project commenced on Sept 29, and is scheduled for completion on Sept 28, 2031.
On Monday, Willowglen Services secured a RM108 million contract for the supply, installation, testing and commissioning of the systems from an undisclosed customer.
Willowglen in April proposed to dispose of Willowglen Services and Willowglen (Malaysia) Sdn Bhd — both of which hold its core businesses — to Singapore-based Elixir II Pte Ltd for RM215.2 million in a share and cash deal.
The transaction will result in Willowglen taking up a 37.8% stake in Elixir II, which in turn is 97.81% owned by Elixir I Pte Ltd.
Singapore-based private equity firm Prime Movers Equity wholly owns Elixir I.
Elixir II is a special purpose vehicle holding the Excel Marco Group, which provides process control and safety systems, automation and Industrial Internet of Things solutions, and operational technology cybersecurity services.
Willowglen shareholders will vote on the disposal at an extraordinary general meeting on Oct 19. Independent adviser cFSolutions Sdn Bhd has opined that the transaction is “fair and reasonable” and “not detrimental” to shareholders.
As at end-June, the group has RM58.88 million of deposits, cash and bank balances against loans and borrowings of RM7.25 million.
Willowglen closed unchanged at 29.5 sen on Wednesday, valuing the company at RM146.3 million. The counter is up 5.36% over the past one year.