Vivocom bags RM37.55m contracts for aluminium and glazing works

by **Cals** Tue 05 Apr 2016, 00:40

Vivocom bags RM37.55m contracts for aluminium and glazing works

By Chester Tay / theedgemarkets.com | April 4, 2016 : 6:14 PM MYT

KUALA LUMPUR (April 4): Vivocom International Holdings Bhd's (formerly Instacom Group Bhd) subsidiary has secured two aluminium and glazing works contracts that are collectively worth RM37.55 million today.

In a filing with Bursa Malaysia today, Vivocom said its 78.6%-owned subsidiary, Neata Aluminium (M) Sdn Bhd, had received and accepted a letter of award from PBT Engineering Sdn Bhd for the execution and completion of aluminium and glazing works for a commercial development known as Third Avenue Cyberjaya.

The development comprises three office blocks with enclosed car parks and retail space located in Cyberjaya, Selangor.

The works will commence today and will take 17 months to complete, while the contract amount is RM22.55 million.

Meanwhile, Neata also received and accepted another letter of award from V-Development Sdn Bhd for the design, supply and installation of aluminium doors and windows and glazing works for a gated housing scheme in Gombak, Selangor.

This project will begin on July 1 this year and will be completed within 18 months. The contract is worth RM15 million.

While expecting these projects to contribute positively to the group's earnings during the contracted period, Vivocom also acknowledged that the risks associated with the projects are mainly operational risks and risk of delay in completion of the projects.

"Notwithstanding this, the management of Vivocom will strive to ensure full compliance to the operational procedures in the execution of the requirements of the projects," the group pledged.

Vivocom shares rose two sen or 7.14% to close at 30 sen today, giving it a market capitalisation of RM742.58 million