Straits Energy Resources Berhad (Straits) announced today that its indirect subsidiary Straits CommNet Solutions Sdn Bhd (SCS) has bagged RM27.7 million contract from Tianu Sdn Bhd (Tianu) yesterday.
In the latest Bursa filing, it said that the award was for the installation, testing and commissioning of aluminium XLPE underground cables and accessories for asset development for Tenaga Nasional Berhad (TNB).
Tianu was awarded this project by TNB and as the main contractor, has joined forces via a smart partnership with SCS to deliver the project.
The marine fuel supplier said today (Oct 11) that Tianu has been awarded this project by TNB as the main contractor.
“Tianu has joined forces under a smart partnership with SCS to deliver the project. The two entities are embarking on a smart partnership to focus on the installation, testing, and commissioning of underground cables and accessories for distribution networks,” it said earlier in a statement.
The statement also said that the strategic collaboration represents a fusion of Tianu’s extensive experience in cable technology and SCS’s proficiency in network solutions.
“Its aim is to revolutionise the installation, testing, and commissioning of underground cables, ensuring optimal performance, reliability, and sustainability in distribution networks,” it said.
Strait Energy said the contract period is one year, with an option to extend for another one year.
The LOA is expected to contribute positively towards Strait Energy’s future earnings, earnings per share, net assets per share and gearing for the FY2023 and the financial years thereafter for the duration of the LOA.
Tianu is principally involved in mechanical and electrical services construction and general services, and supply and services of security tools and protection control, fire prevention system and control tools, electrical engineering and electronics, ICT telecommunication, furniture and fittings.
SCS is principally involved in designing, developing, researching and handling all types of telecommunication products and providing a broad range of network development services
To date, the issued share capital of SCS is RM1,000 comprising 1,000 ordinary shares. SCS is a 70%-owned subsidiary of Straits Technology Solutions Sdn Bhd, which in turn is a 75%-owned subsidiary of Straits.
