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Quick take: Advancecon shares rise on RM49mil contract win

KUALA LUMPUR: Shares in Advancecon Holdings Bhd rose 2.3% in early trade Thursday on the heels of its RM49.38mil subcontract job.

The counter advanced 2.35%, or one sen to 43.5 sen with 997,200 shares traded.

Advancecon has secured a RM49.38mil subcontract job for road infrastructure projects in Sarawak under the Upper Rajang Development Agency (URDA).

Its wholly-owned unit Advancecon Infra Sdn Bhd received and accepted the letter of award from Advancecon (Sarawak) Sdn Bhd (ASSB), an associated company of Advancecon on Oct 8.

Advancecon said the subcontract job is under the URDA package 2, which consists of phase 1 – section 2, mainly for road infrastructure projects in Pelagus/Baleh, proposed new road from Baleh Bridge/Rh. Belaja, Ng. Benin/Sk. Ng. Pelagus to Pelagus Resort.

Source: TheStar