KUALA LUMPUR (Dec 14): Metronic Global Bhd has secured two sub-contracts worth a combined RM40.28 million to undertake works for the Merdeka 118 Tower project.

In a filing with Bursa Malaysia, the group said wholly-owned Metronic Engineering Sdn Bhd (MESB) was offered the sub-contracts by Samsung C&T Corp UEM Construction JV Sdn Bhd (SUJV) and WCT TSR Sdn Bhd.  

SUJV is the main contractor for the development of Merdeka 118 Tower, owned by PNB Merdeka Ventures Sdn Bhd, while WCT TSR is the main contractor to carry out the retail mall works at the tower.

The first subcontract worth RM20.89 million involves hotel audio visual and information technology works, while the second subcontract worth RM19.39 million involves audio visual and information technology works.

WCT TSR is a joint venture between WCT Holdings Bhd and TSR Capital Bhd, while SUJV is a joint venture between Samsung C&T Corp, a subsidiary of Samsung Group, and UEM Group Bhd.

The first contract started on Oct 1 and is expected to be completed by March 8, 2022. The second contract will commence on March 19, 2021 and is expected to be completed in 330 days.

Metronic Global’s share price closed half a sen or 4.35% lower at 11 sen, bringing a market capitalisation of RM141.52 million. Some 66.25 million shares were traded.