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BUSINESS

Protasco' subsidiary bags RM299.2 mln road upgrading contract in Kedah

15/08/2022 05:52 PM

KUALA LUMPUR, Aug 15 (Bernama) -- Protasco Bhd’s wholly owned subsidiary, HCM Engineering Sdn Bhd, has bagged a road upgrading contract in Kedah from KI Engineering Sdn Bhd valued at RM299.2 million.

Protasco said this is following a memorandum of agreement entered between HCM Engineering and KI Engineering to regulate the relationship with each other and set out their respective rights, duties and obligation in order to execute the contract.

“Under the agreement, HCM Engineering shall share 70 per cent of the profit from the project and shall act as the implementer to undertake the overall construction and financing of the project until its completion by Jan 27, 2026,” it in a filing to Bursa Malaysia today.

It added that the project is expected to contribute positively to the group’s future earnings.

-- BERNAMA

 

 


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