Corporate results: Advancecon, Minetech Resources, CAM Resources and SMTrack

Advancecon secures RM49m construction jobs in Sarawak
Advancecon Holdings Bhd has secured RM49.4 million worth of earthworks and ancillaries works on proposed new roads in Pelangus/Balih, Sarawak. In a statement yesterday, the company stated the scope of work covers Baleh Bridge / Rh. Belaja, Ng. Benin / Sk. Ng. Pelagus / Pelagus Resort (Phase 1 – Section 2) in Pelagus/Baleh, Sarawak. The estimated contract duration is 29 months from site possession on Oct 19, 2019. The contract pushes the group’s orderbook amount to RM843 million, which gives its earnings visibility of more than 24 months.

Minetech accepts rail project award worth RM17.9m
Minetech Resources Bhd’s wholly-owned subsidiary, Minetech Construction Sdn Bhd, has accepted a contract from Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd to undertake a portion of the Gemas-Johor Baru electrified double-tracking project (EDTP) for RM17.9 million. Minetech’s subsidiary has been appointed as the sub-contractor for the Section 4 Bridge Works – Package 3 of EDTP, which commenced this month. The project is expected to complete in the third quarter of 2020 (3Q20), Minetech noted in its exchange filing yesterday.

CAM Resources puts a halt to renewable energy plant project
CAM Resources Bhd, a aluminium and stainless steel kitchenware maker, has put a halt to its proposed seven megaWatt (mW) per hour renewable energy power plant in Taiping, Perak. In a filing to the local bourse yesterday, CAM Resources noted it will surrender the approved feed-in tariff (FiT) quota for the project to the Sustainable Energy Development Authority (SEDA). The cancellation was mainly due to costs and its lack of expertise. The cancellation is not expected to have any material effect on its balance sheet or earnings, it noted.

SMTrack shareholders call for EGM rejected
SMTrack Bhd’s shareholders Chung Kah Haur and Quek Han Tiong’s, who together claim to hold 10.1% of the company’s shares, request for an extraordinary general meeting to be held to appointment and remove board members, has been deemed null and void. In an exchange filing yesterday, SMTrack noted after due verification on the shareholdings of Chung and Quek, their aggregate shareholding did not reach the prescribed minimum percentage of 10% on or after the serving of special notice. The company has engaged Messrs Fairuz to take necessary actions against the requisitionists. In a filing dated Sept 30, 2019, Chung and Quek requested the company for an extraordinary general meeting to be convened at the soonest possible to seek the appointment to the board of Chung, Kamil Abd Rahman and Lai Mee Hong. They also sought to remove Azmi Osman, Chaw Hung Keey and Tan Choo Hwa from the loss making company’s board.