Quick take: Advancecon rises on RM20mil contract win


KUALA LUMPUR: Advancecon Holdings Bhd rose in early trade Wednesday after securing a RM20.21mil contract from Sime Darby Property Bhd.

The construction company added 2.74%, or one sen to 37.5 sen. It has fallen some 5% so far this year.

Advancecon has secured a contract worth RM20.21mil from Sime Darby to undertake earthworks and other ancillary works for a construction project in Dengkil, Selangor.

It said its wholly owned-subsidiary Advancecon Infra Sdn Bhd was awarded the job by Sime Darby Property’s unit Sime Darby Property (Serenia City) Sdn Bhd for the Serenia City project.

Advancecon said the contract is valid from June 14, 2021 until Sept 13, 2022.

The group intends to fund the contract via internally generated funds or external borrowings.

“Barring any unforeseen circumstances, the contract is expected to contribute positively towards the future earnings of Advancecon Group for the duration of the contract.”

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