KUALA LUMPUR (March 3): Powerwell Holdings Bhd has won a US$1.62 million (RM7.25 million) contract from Siemens Industrial Ltd to supply low voltage switchboards to Bangladesh.

Powerwell said its wholly-owned subsidiary, Powerwell International Sdn Bhd, received two purchase orders from Siemens to supply the switchboards for garment and yarn producer N.R. Group.

The switchboards are for two expansion plant projects located in Bohlail, Fatullah and Jamirida, Valuka, said Powerwell in a bourse filing.

The group said the purchase orders are expected to contribute positively to its consolidated earnings and net assets for the financial year ending March 31, 2024.

The purchase orders are planned to be fulfilled by August 2023, added Powerwell.

Shares of Powerwell settled half a sen higher at 20 sen on Friday, valuing the group at RM113.21 million.