Thursday 28 Mar 2024
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KUALA LUMPUR (May 17): Sarawak-based engineering solutions provider Pansar Bhd has won a RM77.7 million contract to undertake flood mitigation work in Sibu.

In a filing with Bursa Malaysia, Pansar said its wholly-owned subsidiary Pansar Engineering Services Sdn Bhd was awarded the Sibu Flood Mitigation Project Phase 3 project by Kiasan Engineering Sdn Bhd.

Pansar said the contract entails works for two pumping stations with water catchment, drainage upgrading and widening, and road topping along Jalan Kampung Hilir and Jalan Kampung Nangka.

"We are pleased to have been granted this project," Pansar managing director Datuk Tai Hee said in a statement.

"With some of us born and raised in Sibu, we understand how important flood mitigation is for our hometown. This award is also a testament to our expertise in engineering work," Tai added.

Pansar said the project, owned by the Department of Irrigation and Drainage, is expected to be completed by March 2022.

"The project is expected to contribute positively to the earnings and net assets of Pansar for the financial year ending 2020 to 2022," the group added.

At 3.49pm, Pansar shares rose 0.5 sen or 0.98% to 51.5 sen, for a market capitalisation of RM237.93 million.

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