KUALA LUMPUR (June 28): Specialised industrial tapes manufacturer Central Industrial Corp Bhd (CIC) has secured a contract for proposed construction of a 30-storey building from property developer Aspen Vision Builders Sdn Bhd worth RM71.55 million.

In a filing with Bursa Malaysia today, CIC said its 51%-owned subsidiary Proventus Bina Sdn Bhd has accepted the letter of award today, the contract of which is expected to commence on July 2, 2018 and to be completed within 24 months from the commencement date.

Aspen, the developer of the project, is a subsidiary of Penang-based, Singapore-listed Aspen (Group) Holdings Ltd, whose portfolio comprises development of residential, commercial and retail projects, hotel and mall in Malaysia.

CIC said the contract enlarges the group's order book and is expected to provide a steady stream of revenue for the group over the next two years.

"The contract will have no effect on the share capital of the company but it is expected to contribute positively to the earnings and net assets per share of the group for the financial years ending 2018 to 2020," it added.

Shares of CIC were not traded today. They last traded at RM1.30 on June 21 with a market capitalisation of RM65 million.