Muhibbah Engineering bags contracts worth RM165m from PNB's unit

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KUALA LUMPUR (Jan 24): Muhibbah Engineering (M) Bhd has bagged two contracts worth RM165 million to supply noise barriers for installation along the Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) and the Damansara-Shah Alam Elevated Expressway (DASH).

In a filing with Bursa Malaysia today, Muhibbah said it has accepted the award of the contracts from Permodalan Nasional Bhd's (PNB) indirect wholly-owned subsidiary Turnpike Synergy Sdn Bhd for a combined RM165 million.

Turnpike Synergy is a wholly-owned subsidiary of Projek Lintasan Kota Holdings Sdn Bhd, which in turn is wholly-owned by PNB.

Muhibbah said the contracts are scheduled to commence by end of this month, with completion expected in the first quarter of 2021.

"The contracts are expected to contribute positively to the group's earnings and net assets for the current and future financial years," it added.

Muhibbah shares closed up 3 sen or 1.07% at RM2.82 today, with 3.56 million shares done, for a market capitalisation of RM1.36 billion.