Nestcon bags RM25.1 million infrastructure project from MMC

KUALA LUMPUR 2 August  – Building and infrastructure construction services provider, Nestcon Berhad via its wholly-owned subsidiary, Nestcon Infra Sdn Bhd, has secured a RM25.1 million contract from MMC Engineering Sdn Bhd, a wholly-owned subsidiary of MMC Engineering Group Berhad which is in turn a wholly-owned subsidiary of MMC Corporation Berhad (MMC) for main infrastructure works for the Petrochemical & Maritime Industry Centre Development located at Tanjung Bin, Pontian, Johor.

Under the contract, Nestcon will undertake the main infrastructure works comprising the supplying of all services, labour, plant and material for the construction, completion, testing and commissioning (if applicable) of the works. The project is slated to complete within a period of 10 months upon the site possession date.

Group Managing Director of Nestcon, Datuk Ir. Dr. Lim Jee Gin said, “Despite the challenging backdrop, we continue to navigate deftly and seize opportunities that arise along the way. Hence, we are delighted to have secured yet another civil engineering and infrastructure works.

"This RM25.1 million contract is the third project we secured since our listing, adding on to our outstanding order book of approximately RM1.5 billion and provides us earnings visibility for the next 3 years.”

“We are honoured to be entrusted by MMC to undertake the infrastructure works and play a part in transforming Southern Johor into an oil and gas hub. We believe our proven track record and established technical capabilities, especially our competency in infrastructure projects, are the success factors behind our win. Moving forward, we will strive to further strengthen relationships with industry leaders, such as MMC, to broaden our footprint in the infrastructure segment,” he said.

“The Group is cognisant of the challenging operating landscape brought about by the ongoing movement restrictions. Notwithstanding that, we continue to have our hands full working on more tenders totalling RM3.0 billion. We expect to secure more contracts in the coming months, particularly for our civil engineering and infrastructure segment which constitutes majority of the tenders.

"Meanwhile, we remain steadfast on executing our expansion plans with our proceeds from initial public offering to gear ourselves towards full economy reopening upon successful implementation of the National Covid-19 Immunisation Programme and National Recovery Plan,” he said in a statement here today.

To recap, Nestcon was listed on the ACE Market of Bursa Securities Berhad (“Bursa Securities”) recently on 29 Jun 2021. The Group has successfully raised RM45.1 million from the public issue under its IPO to facilitate its expansion plans. - DagangNews.com