Advancecon said its subsidiary Spring Energy Sdn. Bhd. a 51% owned indirect subsidiary had accepted a subcontract job from China Communications Construction (ECRL) Sdn Bhd for the appointment as the subcontractor for the Construction and Completion of Subgrade Works, Section 8 from CH518+388.00 to CH519+000.00 (
The subcontract work awarded is estimated to be RM21 million and will have to be completed on 31 December 2024 from the date of acceptance. SESB is principally involved in the business of quarry operator and contractor in civil engineering work.
The group sees the awarding of the contract to contribute positively towards the future earnings for the duration of the subcontract and will not have any effect on the share capital and substantial shareholders’ shareholdings. Advancecon intends to fund the Subcontract via internally generated funds and/ or external borrowings.
