(Updated)

Hock Seng Lee bags RM131m contract in Sarawak

Hock Seng Lee bags RM131m contract in Sarawak
-A +A

KUALA LUMPUR (March 18): Hock Seng Lee Bhd (HSL) has bagged a RM130.7 million contract to construct the proposed Leadership Training Institute for Sarawak Civil Service in Kuching, Sarawak.

In a Bursa Malaysia filing today, HSL said the project, which was secured through an open-tender exercise, will be undertaken along Jalan Sultan Tengah within the Petrajaya suburb in Kuching.  

HSL said today it had yesterday received the contract’s letter of acceptance from the Sarawak Foundation, a statutory body of the Sarawak State Government. Sarawak Foundation is also known as Yayasan Sarawak.

"The scope of works for HSL includes infrastructure works, pilling, administrative building and accommodation blocks and the related mechanical and engineering works. The contract period is 27 months and physical construction work is expected to commence in April 2021. 

"The contract is expected to contribute positively to the earnings and net assets of HSL Group as the project progresses during the contract period. However, the transaction will not have any effect on the share capital and substantial shareholdings of HSL,” HSL said.

HSL shares have not been traded so far today. The stock was last traded at 95.5 sen, which brought the company’s market capitalisation to about RM524.79 million.

HSL has 549.52 million issued shares, according to the company’s latest quarterly financial report.

The company’s latest-reported net assets per share stood at RM1.5328.

Chong Jin Hun