HSS Engineers Berhad is eyeing RM500 million in new contract wins in the current financial year, as it bids for RM375 million worth of projects.
Executive Vice Chairman Tan Sri Kuna Sittampalam said that apart from tendering for projects within the Group’s core expertise in the rail, road, and water sectors, HEB Group was keen on opportunities from emerging-yet-crucial themes such as road privatisations, and flood mitigation, and the digital and technology sectors.
The Group had secured notable wins in the year to date, including a Letter of Award from Malaysia Airports Holding Berhad to be the Independent Checking Consultant for the Design and Build packages of the proposed development of MRO hangars and industrial buildings in relation to the Sultan Abdul Aziz Shah airport, as well as a Letter of Appointment from Mass Rapid Transit Corporation to provide peer review consultancy services for the Mass Rapid Transit (MRT) 3. Shareholders also approved all the resolutions tabled at the Annual General Meeting held today. At the subsequent Extraordinary General Meeting, shareholders had also approved the proposed variation and extension of the timeframe for the utilisation of balance proceeds raised from its Initial Public Offering (IPO) amounting to RM18.0 million.
Under the proposed variation, the Group intends to earmark a total of RM 6.0 million of balance IPO proceeds for the combined purposes of expansion into India and ASEAN, and the venture into recurring income and long-term-based contracts with a focus on the power sector. The remaining proceeds of RM 12.0 million would be reallocated for partial repayment of borrowings for the acquisition of SMHB Engineering.
Shareholders also approved extending the timeframe for the utilization of balance IPO proceeds from 31 December 2021 to 31 December 2023.
