PETALING JAYA: PESTECH International Bhd’s wholly owned subsidiary PESTECH Sdn Bhd has secured a contract from Electricite du Cambodge (EDC) of Cambodia under a consortium with Furukawa Electric Co Ltd for a total of RM165.26 million.
According to the notification of award, the contract is for the Phnom Penh City transmission and distribution system expansion project phase 2 (I) – package 3 and procurement of underground transmission and distribution line works valued at a total of ¥2.22 billion (RM84.9 million) and US$19.94 million (RM80.36 million), respectively.
The Group stated the project marks its first venture to export its extra high voltage underground cable design and laying capability overseas.
It listed that the scope of works includes the construction of the 230kV and 22kV underground cable on a turnkey basis, including design, survey, manufacturing, testing and installation among others.
This infrastructure will be able to help enhance the reliability and dependability of power supply network in the Phnom Penh city center, and is expected to contribute positively towards PESTECH's future revenue and earnings in the financial year ending June 30.
PESTECH revealed that the commencement and completion date of the project will be decided by EDC upon contract negotiation with the consortium.
In a separate Bursa filing, the group revealed that it has mutually agreed to terminate the conditional award it received from Energy Fiji Ltd on Jan 17 for the construction of the Virara – Koronubu 132kV transmission line (package 1) monopole section as well as the construction of Virara – Koronubu 132kV transmission line (package 2) lattice tower section project with a combined value of FJ$34.99 million (RM69.67 million).
PESTECH elaborated that the termination is mutually concurred as the contract has not come into effect due to non-fulfilment of the condition precedents and is not legally binding between the two.
With that, the two parties have waived all and any rights or claim against the other.