Business

Advancecon secures RM32mil contract for Gamuda Gardens

KUALA LUMPUR: Advancecon Holdings Bhd has secured a RM32.76mil contract from Mujur Minat Sdn Bhd for site clearing, earthwork and ancillary works at Gamuda Gardens in Rawang.

The contract commenced on Sept 28, 2017, and will be completed by Jan 31, 2019.

Advancecon made its debut on the Main Market of Bursa Malaysia in July 2017 with an opening price of 76.5 sen, which was 13.5 sen higher than its offer price.

Kenanga Research noted in its June report that the company had an outstanding order book of RM572mil as at May 19, 2017, with a replenishment target of RM250mil to RM300mil for FY17-18E with a remainder of RM216m to be achieved for the remainder of FY17.

At midday, the counter was trading three sen or 2.88% higher at RM1.07.