MAIN Market-listed HB Global Ltd through its subsidiary Forward Resources and Construction Sdn Bhd (FRC) has accepted a letter of award from On Site Services Sdn Bhd for the supply, provision, installation and service of full turn-key fibre implementation work valued at RM10 mil.
A Bursa Malaysia filing shows that On Site Services is a wholly-owned subsidiary of Axiata Group Bhd. The project is expected to be completed within 12 months with the commencement date to be decided later.
“A strong network is the foundation for our continued work to support the digitalisation of Malaysia, the development of our economy, innovation, and sustainable solutions for the future,” commented HB Global’s executive director Lee Ping Wei.
“Our yet another contract win in these two months is a testament to our track record of completing projects on time as well as reflective of our long-standing and collaborative partnership with major telcos.”
As the leading fifth-generation (5G) infrastructure construction and engineering solution service provider, Lee noted that HB Global is committed to supporting government initiatives aimed at increase bandwidth and a faster connection speed.
In June, FRC was awarded two projects worth RM370 mil and RM701 mil respectively. The scope includes the supply, delivery, installation, testing, commission, operation, maintenance, and deployment of the 5G infrastructure and solutions across Malaysia.
To re-cap, HB Global which specialises in food processing business completed the acquisition of 60% stake in FRC towards end-June, thus successfully diversified to include the provision of construction and engineering solution services.
Founded in 1993, FRC is mainly involved in the provision of construction and engineering solution services, including 5G infrastructure for the telecommunications industry. Some of its notable clients are Maxis Bhd, Celcom Axiata Bhd, DiGi.Com Bhd, Telekom Malaysia Bhd, edotco Group Sdn Bhd as well as Time Engineering Bhd.
At the close of today’s trading, HB Global was up 0.5 sen or 1.45% to 35 sen with 4.86 million shares traded, thus valuing the company at RM270 mil. – Aug 3, 2021
