KUALA LUMPUR (Aug 17): Willowglen MSC Bhd's wholly-owned subsidiary Willowglen Services Pte Ltd has bagged two contracts worth RM24.36 million.

In a bourse filing, Willowglen said the first contract was secured from China Communications Construction Co Ltd (Singapore Branch) worth RM16.70 million. The contract involves the provision of design, supply, instal, testing and commissioning of a security system for the proposed development of intra airside road connection, second parallel taxiway and fire station No 2 for Changi East at Singapore Changi Airport.

It added that the commencement date of the contract is Aug 24, and will be completed by Sept 17, 2024. Hence, the contract is expected to contribute positively to the group's earnings and net assets per share for the financial year ending Dec 31, 2021 (FY21) to FY24.

The second contract was awarded by SP PowerAssets Ltd, Singapore for the supply and delivery of sub-station intrusion detection system (SSIDS) devices and removal and disposal works. The RM7.66 million contract commenced on Aug 16 and is targeted to be completed by Aug 15, 2026. It expects this contract to contribute positively to the group's earnings and net assets per share for FY21 to FY26.

Willowglen's shares price rose one sen or 2.38% to close at 43 sen. Its market capitalisation stood at RM213 million.