KUALA LUMPUR (Oct 23): Construction and engineering company LFE Corp Bhd (KL:LFECORP) said on Wednesday that it has secured a related-party construction contract worth RM81.71 million.
The contract was awarded to its wholly owned unit, LFE Engineering Sdn Bhd, by Puncakcity Development Sdn Bhd, said LFE Corp in a bourse filing on Wednesday.
LFE Engineering has been appointed as the main contractor for main building works, the group said, without disclosing the project.
The appointment is for a period of 32 months.
LFE Corp said its executive chairman and substantial shareholder Chuah Chong Ewe is an interested party in the transaction.
A company check showed that Chuah, who controls a 14.38% stake in LFE Corp, is also a director of Puncakcity Development with a 70% stake in the company.
This is LFE Corp’s third contract from Puncakcity Development this year. In May, the group secured an RM8.27 million piling contract, following an RM10.97 million earthworks contract win in February.
Shares in LFE Corp closed half a sen or 1.82% higher at 28 sen, giving the group a market capitalisation of RM304.45 million.
Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!
Source: EdgeProp.my
POST YOUR COMMENTS