KUALA LUMPUR (Feb 22): Kejuruteraan Asasetera Bhd (KAB) has secured a contract worth RM23.4 million from CNQC Engineering & Construction (Malaysia) Sdn Bhd for design, supply and maintenance work in Agile Embassy Garden, Kuala Lumpur.
In a bourse filing today, the electrical and mechanical engineering services provider highlighted the contract will bring the group’s outstanding order book to approximately RM390 million and provide earnings visibility for the next few years.
It added the date of commencement of the contract is Feb 22, 2021, and it is expected to be completed by Oct 31, 2023
Located in the prestigious Embassy Row, along Jalan Ampang in Kuala Lumpur, Agile Embassy Garden, which comprises three 64-storey towers, houses a total of 1,296 serviced apartments and retail units.
In a separate statement, KAB managing director Datuk Lai Keng Onn said the new contract was yet another testament to its experience and expertise in the mechanical and engineering field, which is very competitive and fragmented.
“As such, we are extremely proud to be awarded this contract by CNQC, where we will continue to meet the growing demands from the building and property industry.
“This contract will certainly contribute positively to our future earnings going forward and I would like to thank CNQC for choosing us and giving us the opportunity to provide our services to them as we aspire to demonstrate once again our reliability to deliver our work in a timely manner,” he said.
At noon break today, shares of KAB rose eight sen or 4.65% to RM1.80, valuing the company at RM1.69 billion.