Minetech secures RM16.1m contract for KL road, drainage upgrading work

KUALA LUMPUR (July 3): Minetech Resources Bhd (KL:MINETEC) has secured a contract to undertake the proposed upgrading and construction of an external road and drainage system for a subsidiary of Mah Sing Group Bhd (KL:MAHSING) in Mukim Batu, Kuala Lumpur, for RM16.10 million.

The project, awarded by MyVilla Development Sdn Bhd through its wholly owned subsidiary Minetech Construction Sdn Bhd, will be executed in two phases, and is expected to be completed within 21 months from the commencement date, the group said in a bourse filing.

Minetech anticipates the project to contribute positively to its revenue, earnings, and net assets for the financial years ending March 31, 2025 (FY2025) and FY2026.

It said that the acceptance of the contract is in the best interest of the group.

Shares in Minetech closed 7.14% higher at 15 sen on Wednesday, resulting in a market capitalisation of RM267.7 million. Meanwhile, Mah Sing saw a 1.12% gain, closing at RM1.81, with a market capitalisation of RM4.63 billion.

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