Varia Berhad announced that Pembinaan Teguh Maju Sdn Bhd, a wholly-owned subsidiary of Varia, had accepted a Letter of Award from Best Metro Builder Sdn Bhd for a sewerage treatement plant upgrading work in Butterworth North, Pulau Pinang for RM555 million.
The work included being the sub-contractor to supply labour, plants, materials, equipment, tools, transport, temporary works and ancillary needed for the design, construction and completion of sewerage treatment plant, network pump station, sewerage network, rationalisation and decommissioning, testing, commissioning and maintenance works of the Project.
The Contract is for a period of 57 months from the date of commencement on 25 June 2024 or the commencement from individual site possession kick off date (whichever is the later) until the date of completion which shall be on 24 March 2029.
Varia said the contract is expected to contribute positively to the earnings of Varia Group for the relevant financial periods within the duration of the contract it added the contract not to have any effect on the share capital and shareholding structure of Varia.