KUALA LUMPUR (May 12): Pasdec Holdings Bhd, in which the Pahang state government owns a 51.65% stake, has bagged a RM55.8 million contract from Mass Rapid Transit Corp Sdn Bhd (MRT Corp) to build a mass rapid transit feeder bus depot and related supporting buildings and facilities for the MRT Sungai Buloh-Kajang Line at Kawasan Perindustrian Desa Tun Razak here.
In a filing with Bursa Malaysia today, Pasdec said its wholly-owned subsidiary Pasdec Bina Sdn Bhd has accepted a letter of acceptance dated May 4 from MRT Corp for the proposed project.
The duration of the contract is approximately 12 months.
"The contract is expected to contribute positively to the group's earnings for the financial years during the contract period," said Pasdec.
“The company does not foresee any exceptional risk other than the normal operation risk arising from the acceptance of the contract, which is part of the ordinary business of Pasdec Group,” it added.
Pasdec had on April 29 saw its managing director Datuk Mohd Kahiruddin Abdul Manan been granted temporary leave of absence in order to facilitate an on-going forensic review by Messrs Deloitte Corporate Solutions Sdn Bhd.
Pasdec said it appointed Deloitte to conduct the investigation after it found out that the Malaysian Anti-Corruption Commission is investigating mining activity on a land belonging to its subsidiary Pasdec Corp Sdn Bhd.
In the interim, Pasdec has assigned Datuk Abdul Rahim Mohd Ali, a non-executive director, who is also the chief executive officer of PKNP, the responsibility to perform the functions of the managing director until otherwise resolved.
Besides that, on Apr 29, Pasdec’s external auditor Messrs Hanafiah Raslan & Mohamad had also issued a qualified opinion to the group’s annual report for the financial year ended Dec 31, 2015.
The auditor found that there was unauthorised mining activity being carried out on the said land, and the management is still in the process of determining the legal and financial implications of the matter.
Pasdec shares gained one sen or 1.05% to close at 48 sen today, giving it a market capitalisation of RM98.87 million.