KUALA LUMPUR (Sept 3): Ranhill Holdings has won a RM18.59 million contract to undertake pipe replacement works in Kota Bharu .

The group said its wholly-owned subsidiary, Ranhill Water Services Sdn Bhd (RWS), was awarded the contract by Pengurusan Aset Air Bhd (PAAB).

“The project was secured through a competitive open tender process undertaken by PAAB,” Ranhill said in a filing with Bursa Malaysia.  

The one-year contract, which is to last till March 9, 2020, includes the supply and laying of PVC-O and Mild Steel pipelines to replace existing pipes.

“The project, to be undertaken over the next 12 months, will contribute positively to the earnings of RWS and Ranhill from financial year ending Dec 31, 2019 [FY19], until financial year ending Dec 31, 2020 [FY20],” the group said.

Ranhill closed two sen or 1.50% lower at RM1.31 today, giving it a market capitalisation of RM1.40 billion.