KUALA LUMPUR (Nov 23): Inix Technologies Holdings Bhd, which is in the midst of acquiring a 30% equity interest in Galactic Maritime (M) Sdn Bhd, said Galactic has bagged a RM34.5 million contract to supply three vessels for dredging and land reclamation services for a project in Penang.

In a filing with Bursa Malaysia today, Inix said Galactic has signed an agreement with Alam Seada Sdn Bhd for the contract, which is based on a total estimated 3 million cu m of sand to be transported.

"The contract is expected to be completed by end of December 2016 and is expected to contribute positively to the future revenue and earnings of Galactic for the financial years ending July 31, 2016 and 2017," it added.

Inix had on March 16 proposed to acquire 30% equity interest or 4.05 million shares in Galactic for RM7.2 million cash, which is expected to be completed by the end of this month.

Galactic is principally involved in the provision of land reclamation, reclamation dredging and environmental protection dredging services.

Inix, involved in software development and system integration, saw its shares climb one sen or 11.11% higher to close at 10 sen today, for a market capitalisation of RM37.6 million.

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