KUALA LUMPUR (Aug 15): Protasco Bhd has bagged a contract worth RM299.2 million for the upgrading of a section of federal road in Kulim, Kedah.

The group said its wholly-owned subsidiary HCM Engineering Sdn Bhd (HCM) has entered into a memorandum of agreement with K.I. Engineering Sdn Bhd to regulate the relationship with each other and to set out their respective rights, duties and obligation in order to execute the contract.

“Under the agreement, HCM shall share 70% of the profit from the project and shall act as the implementer to undertake the overall construction and financing of the project until its completion by Jan 27, 2026,” Protasco said in a bourse filing.

The group said the project is expected to contribute positively to its future earnings.

Protasco’s share settled 5.56% or one sen higher at 19 sen on Monday (Aug 15), bringing it a market capitalisation of RM94.1 million.