MCE bags contracts for supply of mechanical parts for Toyota models

MCE bags contracts for supply of mechanical parts for Toyota models
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KUALA LUMPUR (March 31): MCE Holdings Bhd said its wholly-owned subsidiary Multi-Code Electronics Industries (M) Bhd has secured contracts to supply various mechanical parts for new Toyota car models. 

In a filing with the bourse, the car parts manufacturer said it expects the supply of the parts to commence in the fourth quarter ending July 31, 2022 for a duration of six years. 

“The projects are expected to generate total revenue of approximately RM13.3 million for MCE group over the six-year period whilst the estimated total investment cost is RM1.36 million,” it said. 

The company said the projects will not have any material impact on its earnings for the current financial year ending July 31, 2021 (FY21), although it will contribute to its earnings from FY22 onwards. 

MCE’s share price fell three sen or 2.1% to close at RM1.41, giving a market capitalisation of RM68.87 million. 

S Kanagaraju