KUALA LUMPUR: Pestech International Bhd’s wholly-owned subsidiary PESTECH Sdn Bhd has bagged a contract from the National Grid Corporation of the Philippines (NGCP) for the South Luzon Substations Upgrading Project 2.
In filing with Bursa Malaysia today, the construction engineering company said the total contract value was US$23.46 million (US$1= RM4.19) for the offshore portion and 710.76 million Philippine pesos for the onshore portion (1 Philippine peso = RM0.083).
The project aims to cater to the load growth and provide contingency to various substations for NGCP in the South Luzon region.
“This involves capacity additions, replacement of old and obsolete substation equipment and reconfiguration of the existing substations to ensure reliability and flexibility of the electrical network for achieving sustainable growth of NGCP’s power network.
“Under the project, PESTECH shall have full responsibility to design and build according to the requirements of the contract,” it said.
PESTECH said the project involves seven substation components that are independent of each other.
The commencement date of the project will be determined by NGCP later.
The project will contribute positively towards the revenue and earnings of PESTECH in accordance with the stage of project progress to be recognised in the financial years ending June 30, 2022 to June 30, 2023. – Bernama