Advancecon Holdings Bhd is partnering with two businessmen to expand its business in Sarawak.
The earthworks and civil engineering services provider said in a bourse filing yesterday that it had signed an agreement with Chen Siew Sin and Chong Chee Hung to operate a joint-venture in which Chen would hold a 40% stake while Advancecon and Chong would hold a 30% stake each.
Chen, who serves as the chairman of the JV known as Advancecon Sarawak Sdn Bhd, has been tasked to secure contracts in Sarawak and promote Advancecon Sarawak in the state.
Advancecon, on the other hand, would provide technical advice, technical know-how and expertise and Chong will assist in the overall operations of Advancecon Sarawak.
Advancecon’s shares opened 36 sen or 1.41% higher, giving the company a market capitalisation of RM145.76 mil.
