CEO Morning Brief

SunCon Receives Johor Bahru-Singapore RTS Contract Worth RM604.86 Mil

Publish date: Fri, 24 Mar 2023, 08:39 AM
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TheEdge CEO Morning Brief
SunCon receives Johor Bahru-Singapore RTS contract worth RM604.86 mil

KUALA LUMPUR (March 23): Sunway Construction Group Bhd has been awarded a contract for the construction of station and viaducts for the Johor Bahru–Singapore Rapid Transit System (RTS) for RM604.86 million.

On March 23, SunCon announced to Bursa Malaysia that its wholly-owned subsidiary Sunway Construction Sdn Bhd had signed the Letter of Acceptance in respect for the proposed construction and completion of Package 1B and Package 5 for the RTS project.

Package 1B entails the advance works for station and viaducts, while Package 5 is for the terrestrial viaducts and ancillary structures. The LoA was issued by Malaysia Rapid Transit System Sdn Bhd, the project owner of the JB-Singapore RTS.

The RTS Link project is for a 26-month duration and is expected to be completed by the second quarter of 2025, said SunCon in the announcement to Bursa. According to SunCon, the project is expected to contribute positively to the earnings of the group starting from 2023 onwards.

The total new projects secured by SunCon Group this year including the RTS Link Project amounted to RM663 million, the group stated. The group’s construction order book stood at RM5.3 billion as at the end of the fourth quarter of 2022 (4Q22), against RM4.1 billion as at the end of 3Q22.

SunCon closed unchanged on Thursday at RM1.62, giving the group a market value of RM2.09 billion. Year to date, the counter had increased marginally, by 1.89% from the closing price of RM1.59 on January 3.

Source: TheEdge - 24 Mar 2023

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