MUHIBBAH Engineering (M) Bhd has accepted a RM172.6 million contract from Penang Development Corp to develop a nine-storey office building and factory at the Technoplex Industrial Area in Pulau Pinang.

It told Bursa Malaysia today that the project includes a six-storey car park with a Tenaga Nasional Bhd sub-station as well as a waste depot, office waste depot and recycling room.

The contract, which will take 14 months to complete starting from today, is expected to contribute positively to the earnings and net assets of the group for the current and future financial years, it said.

Muhibbah Engineering shares gained two sen, or 2.82%, to close at 73 sen today, translating to market capitalisation of RM531 million. — TMR / graphics TMR File