Pestech International Bhd, in collaboration with China Energy Engineering Group Tianjin Electric Power Construction Co Ltd, has been awarded a US$81.77 million contract by Iraq’s Ministry of Electricity.

The contract, part of the Electricity Sector Reconstruction Project Phase (III), involves the construction of four 132 kilovolt Gas Insulated Switchgear (GIS) Substations in Baghdad.

Pestech’s subsidiary, Pestech Sdn Bhd, will be responsible for the design, manufacturing, testing, delivery, installation, and commissioning of the substations.

The project is expected to be completed within 18 months and will contribute positively to Pestech’s revenue and earnings in the financial years 2024 and 2025.

Shares in Pestech slid 1 sen or 4.17% to close at 23 sen today, giving it a market capitalisation of RM228 million. –TMR