Kumpulan Kitacon Bhd subsidiary, Kitacon Sdn Bhd, has been awarded a contract by Boustead Balau Sdn Bhd for the construction and completion of 274 units of double-storey houses in Semenyih, Selangor. The contract is valued at RM80.95 million.

The contract is scheduled to commence on August 1, 2023, and is expected to be completed within 32 months from the commencement date. 

According to Kitacon’s filing with Bursa Malaysia, this contract will not have any impact on the share capital or shareholding structure of Kitacon.

However, the contract is anticipated to have a positive effect on the company’s earnings and net assets per share for the financial years ending December 31, 2023, and beyond until the contract’s expiration.

The project presents a business opportunity for Kitacon to generate revenue and potentially enhance its financial performance over the contract period. –TMR