KUALA LUMPUR: Pestech International Bhd's joint venture (JV) with Sky High Construction Sdn Bhd has secured a RM109.98 million contract from Syarikat SESCO Bhd for the construction of an electrical substation project in Entinggan, Kuching, Sarawak.
Pestech's subsidiary Pestech Sdn Bhd (PSB) will be allocated 60 per cent of the contract value while its JV partner Sky High Construction Sdn Bhd will have the remaining 40 per cent.
Pestech said in a filing to Bursa Malaysia that the contract's commencement date shall be Dec 26, 2023, or any later date as notified by Syarikat SESCO and to be completed 23 months from the commencement date.
"The development of Entinggan Substation is expected to ensure the reliability of supply and cater for the rapid growth in the organic and industrial load in Kuching, Sarawak.
"The Notification of Award (NOA) signifies that Pestech remains active and competitive in the procurement of new projects as well as remains positive towards the overall prospect of the industry that the company is operating in," it added.
Pestech expects the contract to contribute positively towards the revenue and earnings of the company in accordance with the stages of the progress to be recognised in the financial years ending Sept 30, 2024 and Sept 30, 2025.
