(Updated)

Sime Darby Property awards water, electricity infrastructure contract to Stella subsidiary

Sime Darby Property awards water, electricity infrastructure contract to Stella subsidiary
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KUALA LUMPUR (Dec 30): Sime Darby Property (Nilai) Sdn Bhd has awarded to Stella Holdings Bhd's wholly owned subsidiary Mewah Kota Sdn Bhd a RM20.97 million contract involving water and electricity infrastructure work in Negeri Sembilan.

In a filing with Bursa Malaysia today, Stella said the project within the Nilai Impian 2 township in Seremban involves, among others, construction of an incoming water pipe and elevated water tank.

"The contract is for a period of 18 months and the date for completion shall be on July 6, 2022,” Stella said.

"The contract is not expected to contribute to the earnings of Stella Group for the financial year ending March 31, 2021. However, the contract is expected to contribute positively to the earnings of Stella Group for the future financial years," Stella said.

Stella shares have not been traded so far today. Based on the stock's latest closing price of 81 sen and the company's number of issued shares at 67 million, Stella has a market capitalisation of about RM54.27 million.

Chong Jin Hun