DNeX gets RM25.8m marine-related installation subcontract from Indonesia

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KUALA LUMPUR (Aug 28): Dagang NeXChange Bhd (DNeX) has secured a US$6.29 million (RM25.81 million) job to execute a project called IGG Marine Installation Subcontract (IGG Matanusa and SMPCS Patara) in Indonesia.

In its filing with Bursa Malaysia today, DNeX said its indirect 51%-owned subsidiary DNeX Telco Services Sdn Bhd accepted a letter of award dated Aug 23 this year from PT Bina Nusantara Perkasa for the project.

DNeX also said DNeX Telco has entered into a sub-contract agreement with Bina Nusantara Perkasa today to regulate the relationship with each other.

DNeX said the contract is valid for a principal of 131 calendar days based on the approved plan of work with an option for extension up to Mar 31, 2019.

Bina Nusantara Perkasa is principally involved in the services of installation, repair and maintenance of submarine cable system, according to DNeX.

DNeX Telco, which is involved in the provision of services for infrastructure works for telecommunication industry, is 51%-owned by Dagang Net Technologies Sdn Bhd and 49%-owned by ZKZ Euphoria Sdn Bhd.

“The Loading of IGG Matanusa and SMPCS Patara is scheduled to take place on or before Sep 4, 2018,” the group said, without disclosing more details on IGG Matanusa or SMPCS Patara.

DNeX’s share price closed 0.5 sen or 1.32% higher at 38.5 sen today, giving it a market capitalisation of RM676.76 million.