KUALA LUMPUR (Oct 28): R&A Telecommunication Group Bhd is confident to turnaround its businesses in two years, according to its chief executive officer.

The telecommunication solutions and engineering service provider had suffered losses for two consecutive financial years (FY) since 2012.

"We are confident for that (turnaround), the strategy is to build and lease our infrastructure, so as to create recurring income for the group," chief executive officer Francis Tan Hock Leong said after the extraordinary General meeting.

Currently, R&A Telecommunication would only build for telecommunications operators, and earn one-off income from it.

However, Tan said that the group will have to complete the corporate exercise before planning on the allocation of fund to execute the strategy.

R&A Telecommunication today obtained shareholders approval to move on to its right issue, to at least raise over RM14 million of proceeds, mainly for working capital and bank repayments.

"Currently our orderbook has piled up to about RM20 million, and we are also tendering other works, which amounts to approximately RM200 million," Tan added.