Friday 29 Mar 2024
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KUALA LUMPUR (Aug 3): China-based frozen food maker HB Global Ltd said its recently-acquired telecommunication unit has secured a contract from Axiata Group Bhd’s subsidiary to provide full-turn key fibre implementation work.

HB Global said Forward Resources and Construction Sdn Bhd (FRC), in which it acquired a 60% stake in April, was awarded the RM10 million contract by wireless telecommunications services provider On Site Services Sdn Bhd today.

HB Global said the commencement date of the one-year contract will be decided later.

FRC intends to fund the project via internally generated funds or borrowings, said HB Global, adding that the contract is expected to contribute positively to the future earnings and net assets of the group.

HB Global had acquired the 60% stake in FRC for RM66 million to expand its business in construction and engineering solution services for the telecommunication industry. 

Shares of HB Global rose half a sen or 1.45% to close at 35 sen, translating into a market capitalisation of RM265.65 million.

Edited ByS Kanagaraju
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