KUALA LUMPUR (Dec 8): Pestech International Bhd has bagged a contract worth RM104.23 million in the Philippines for a 138kV transmission line project.
In a filing with Bursa Malaysia yesterday, Pestech said its wholly-owned subsidiary Pestech Sdn Bhd had accepted the notice of award from the National Grid Corp of the Philippines (NGCP) for the job in relation to the Nabas-Caticlan-Boracay 138kV transmission line project.
Under the project, Pestech will design, supply, install, test and commission two substations in Boracay and Nabas. The project primarily aims to accommodate the projected load growth of Caticlan and Boracay Island.
The contract is divided into two parts, one being an offshore portion worth US$15.56 million (RM63.36 million) while the other is an onshore portion worth 483.31 million Philippine peso (RM40.87 million).
The Boracay station is a new 138/69kV substation consisting primarily of double bus configuration gas-insulated switchgears (GIS). The 138kV GIS has five bays to accommodate four feeders and a bus coupler with provision for expansion, while the 69kV GIS has six bays to accommodate five feeders and a bus coupler with provision for future expansion.
Two new 100 megavolt-ampere (MVA) power transformers will also be installed in the new substation, it added.
"The expansion of Nabas substation includes addition of two bays consisting of four new power circuit breakers form the existing 138kV, breaker-and-a-half configuration switchyard. This expansion will accommodate the new 138kV transmission lines coming from the new Boracay station," it further added.
The commencement date of the project will be determined by NGCP later, and the project shall be completed within 420 days from commencement date for each Nabas and Boracay station.
“The project will contribute positively towards the revenue and earnings of Pestech in accordance to the stage of project progress to be recognized in the financial years ending June 30, 2021 (FY21) to June 30, 2022 (FY22),” it noted.
Pestech shares closed unchanged at 95.5 sen, giving it a market capitalisation of RM726.96 million. Some 2.47 million shares were traded.
Year to date, the stock is down 27% from RM1.31 on Dec 31, 2019.