PETALING JAYA: Kumpulan Powernet Bhd (KPower) has received a letter of award from Signvest Sdn Bhd to undertake the construction and completion of sewerage treatment facilities and upgrading works as well as the construction of a Green Building Index-certified building of 12 floors.
According to the company’s Bursa filing, the contract is worth RM254.32 million and the project is expected to be completed within 36 months from the commencement date of each of the relevant projects.
“The scope of work includes project management, supply of labor, materials, machineries, fixing accessories, structural and civil works. The company will provide a bank guarantee from a bank in an amount equal to 5% of the contract sum of the project (performance bond),” it said.
The value of the performance bond will be reduced to 2.5% from the date of the issuance of the certificate of practical completion for each of the projects.
“The board anticipates that KPower’s foray into the provision of construction related services from the fulfilment of the award will in future, result in a diversion of 25% or more of the net assets of KPower and/or will contribute 25% or more to the net profits of KPower,” it added.
source https://www.thesundaily.my/business/kumpulan-powernet-secures-rm25432m-sewerage-job-LH1678287
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