KUALA LUMPUR (March 28): Puncak Niaga Holdings Bhd has bagged a RM82.86 million water pipe replacement subcontract in Johor.

The group said its wholly-owned subsidiary Puncak Niaga Construction Sdn Bhd was awarded the subcontract by Jalur Cahaya Sdn Bhd, the main contractor for the pipe replacement project.

The subsidiary will undertake the replacement of existing pipes with new pipes in Johor Bahru, Kulai, Pontian, Kota Tinggi and Mersing, said Puncak Niaga in a bourse filing.  

It added that the project is expected to be completed by Jan 17, 2024, with a defect liability period of 12 months from the issuance of the certificate of practical completion.

Puncak Niaga said the subcontract is expected to contribute to the group’s earnings, net assets and gearing during the contract period.

Puncak Niaga ended half a sen or 2.27% lower at 21.5 sen a share on Tuesday (March 28), giving the group a market capitalisation of RM97 million.