Salcon bags RM71m job in Sri Lanka

This article first appeared in The Edge Financial Daily, on July 17, 2018.
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KUALA LUMPUR: Salcon Bhd has secured an RM71.27 million contract to build a storm water-pumping station in Sri Lanka over a 21-month period.

In a filing with Bursa Malaysia yesterday, Salcon said its wholly-owned subsidiary Salcon Engineering Bhd had received the letter of acceptance from the Ministry of Megapolis and Western Development of Sri Lanka for the design and building of the Ambatale Storm Water Pumping Station.

Salcon said the project will commence upon the fulfilment of the conditions precedent, and is expected to contribute positively to its earnings in the financial year ending Dec 31, 2018 (FY18), FY19 and FY20.

Salcon’s share price fell one sen to close at 31 sen yesterday, giving it a market capitalisation of RM260.39 million.