KUALA LUMPUR (July 14): Nestcon Bhd has been awarded an RM31.34 million contract to do rock stabilization work on a 61-acre site in Damansara Perdana. The corporation said in a bourse filing that the development will contain 20 office towers, five blocks of serviced apartments and SoHo, six blocks of serviced apartments and affordable houses, a hotel, and a private school.
Nestcon will be in charge of site clearance, earthworks, rock blasting, geogrid wall construction, and road and drainage construction for this project.
The contract, which was granted by Nexus EC Sdn Bhd, will begin on July 21st, pending the lifting of the Movement Control Order (MCO) or Enhanced MCO, or Nestcon getting Ministry of International Trade and Industry authorisation to begin work.
The contract will last for 18 months from the start date.
The deal is expected to boost the company’s net assets, profits per share, and gearing for the fiscal year ending December 31, 2021, as well as for the life of the project, according to the company.
Nestcon’s shares fell 1.59 percent, or half a sen, to 31 sen today, valuing the company at RM196.47 million./n
