KUALA LUMPUR (Oct 9): Sarawak Cable Bhd has received a letter of award from Shanghai Electric Group Co Ltd (SEG) for the local portion of works concerning power island engineering, procurement and construction works for a 300MW Balingian coal-fired power plant.

In a filing to Bursa Malaysia, the company said the contract is provisionally worth RM493 million, subject to the final scope of work and bill quantities for the required local contents, in accordance with the main contract.

Sarawak Cable said the project will commence on Nov 28, 2014, for a period of 40 months, ending March 27, 2018.

“The project is expected to contribute positively to the earnings and net assets of Sarawak Cable Group, for the financial year ending Dec 31, 2015, 2016, 2017 and 2018,” the company said.

Sarawak Cable closed 5 sen lower at RM1.40, bringing its market capitalisation to RM405.2 million.