KUALA LUMPUR: Nestcon Bhd's unit has been awarded a RM79.5 million job for a township development in Johor Bahru by Iskandar Capital Sdn. Bhd.
Nestcon Infra Sdn. Bhd, a wholly-owned subsidiary of the company, accepted the letter of award (LOA) dated Mar 22, 2024.
The job is for proposed earthworks and main infrastructure works for Wawari Phase 1 township development in Johor Bahru, Johor.
Work will start Mar 28, 2024 and completed on Nov 27, 2025.
The acceptance of the LOA by Nestcon Infra to undertake the contract works is expected to contribute positively to the net assets per share, earnings per share and gearing of the company throughout the duration of the contract work.
Nestcon's share price closed unchanged at 36 sen, giving it a market capitalisation of RM254.9 million.