KUALA LUMPUR (Oct 4): Pestech International Bhd said its unit has been awarded with an engineering, procurement, construction and commissioning (EPCC) contract for a new 230kV outdoor power substation in the Philippines, with contract value totaling approximately RM50.17 million.

In a filing with the local stock exchange this evening, Pestech said its wholly-owned subsidiary company Pestech Sdn Bhd (PSB) had today received a Notification of Award from Philippines-based utility company National Grid Corporation of the Philippines (NGCP), to undertake a contract relating to the Calamba 230kV main substation project.

Pestech said this refers to the design, supply, installation, testing and commissioning of secondary devices for the power substation, including the construction, erection or integration of NGCP supplied high voltage equipment, over a period of 540 days.

The contract value is set out to be US$5.36 million (equivalent to RM22.70 million) for the offshore portion, and PHP332.14 million (equivalent to RM27.47 million) for the onshore portion.

The project is located in the Laguna province of Luzon Island in Philippines, which is approximately 60km away from the Manila International Airport. Under the project, Pestech will deliver a new 230kV outdoor substation to serve the Laguna province in said region.

This is Pestech's first EPCC project for a 230kV main substation, and its second power infrastructure with NGCP to date.

“The project will contribute positively towards the revenue and earnings of Pestech in accordance to the stage of project progress to be recognised in the financial year ending June 30, 2018”, the filing read.

Shares in Pestech closed unchanged in today's trading at RM1.54, giving it a market capitalisation of RM1.19 billion. The counter has been trading between a range of RM1.51 and RM1.77 for the past 52 weeks.