NESTCON BAGS RM25.1 MLN INFRASTRUCTURE PROJECT

KUALA LUMPUR, Aug 2 -- Nestcon Bhd’s wholly-owned subsidiary, Nestcon Infra Sdn Bhd has secured a RM25.1 million contract from MMC Engineering Sdn Bhd for the main infrastructure works for the petrochemical and maritime industry centre development located at Pontian, Johor.

The building and infrastructure construction services provider said under the contract, Nestcon will undertake the main infrastructure works comprising the supplying of all services, labour, plant and material for the construction, completion, testing and commissioning of the works.

“The project is slated to complete within a period of 10 months upon the site possession date,” Nestcon said in a statement today.

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Nestcon group managing director Datuk Lim Jee Gin said despite the challenging backdrop, the group continued to navigate deftly and seize opportunities that arise along the way.

“This RM25.1 million contract is the third project we secured since our listing, adding on to our outstanding order book of approximately RM1.5 billion and provides us earnings visibility for the next three years,” he said.

He said the group is cognisant of the challenging operating landscape brought about by the ongoing movement restrictions.

“Notwithstanding that, we continue to have our hands full working on more tenders totalling RM3.0 billion and we expect to secure more contracts in the coming months, particularly for our civil engineering and infrastructure segment which constitutes the majority of the tenders,” said Lim.

To recap, Nestcon was listed on the ACE Market of Bursa Malaysia on June 29, 2021, and has successfully raised RM45.1 million from the initial public offering (IPO) to facilitate its expansion plans.

-- BERNAMA