KUALA LUMPUR (July 14): Nestcon Bhd has bagged a RM31.34 million contract to carry out rock stabilisation works at a mixed development on a 61-acre site in Damansara Perdana.

In a bourse filing, the group said the development includes construction of 20 blocks of office towers, five blocks of serviced apartments and SoHo, six blocks of serviced apartments and affordable homes business spaces, hotel and private school.

The job will involve Nestcon conducting construction and completion of site clearance, earthworks, rock blasting works, geogrid wall works, and road and drainage works.

The contract, awarded by Nexus EC Sdn Bhd, will commence on July 21, subject to the lifting of the Movement Control Order (MCO) or Enhanced MCO, or Nestcon obtaining approval from the Ministry of International Trade and Industry to commence works.

The contract will last 18 months from the date of commencement.

The group said the contract is expected to contribute positively to the group’s net assets, earnings per share and gearing for the year ending Dec 31, 2021 and throughout the duration of the works.

Shares in Nestcon closed 1.59% or half a sen lower at 31 sen today, valuing the group at RM196.47 million.