KUALA LUMPUR (Oct 25): Annum Bhd (formerly known as Cymao Holdings Bhd) has teamed up with Greentech IOT Technology Sdn Bhd to undertake a RM62.25 million subcontract under the Sarawak Water Supply Grid Programme.

The job involves the supply, laying and commissioning of pipelines from the Salim Water Treatment Plant, Sibu Water Board to Kanowit Sibu Division, as well as piling works and mechanical and electrical works.

In a filing with Bursa Malaysia, Annum said the group will be entitled to 50% of the net profit in relation to the project.

The group said the collaboration with Greentech is in line with its strategy to expand its construction business, and represents a strategic opportunity for the group to participate in governmental related projects.

Greentech is involved in the trading of construction materials and hardware, civil engineering, drainage and irrigation, as well as water and sewage treatment contract works.

Annum’s share price closed seven sen or 6.25% lower at RM1.05 on Monday, valuing the group at RM87.75 million.