KUALA LUMPUR (July 30): Muhibbah Engineering (M) Bhd has bagged a contract worth RM158.2 million for civil, concrete and buildings works for offsite areas of the steam cracker complex for the refinery and petrochemicals integrated development (RAPID) project in Pengerang, Johor.

In a filing with Bursa Malaysia today, Muhibbah Engineering (fundamental: 1.1; valuation: 0.8) said it has accepted the award from Toyo Thai Malaysia Sdn Bhd, a wholly-owned subsidiary of TTCL Public Company Ltd.

The contract is under Package No. 5: engineering, procurement, construction and commissioning (EPCC) of the steam cracker complex for RAPID project.

The construction is scheduled to commence in August 2015 and is expected to be completed by November 2017.

“The contract is expected to contribute positively to the earnings and net assets of Muhibbah group for the current and future financial years,” said Muhibbah.

Muhibbah said TTCL is listed on the Stock Exchange of Thailand and is undertaking part of the EPCC contract under Package No. 5: EPCC of the steam cracker complex for the RAPID project, which was awarded to a consortium of Toyo Engineering Corporation and Toyo Engineering & Construction Sdn Bhd.

As at 2.28pm, Muhibbah was unchanged at RM2.25, giving it a market capitalisation of RM1.05 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)