Kinergy Advancement clinches RM29.5m engineering contract from Mah Sing Group

SUSTAINABLE energy solutions specialist Kinergy Advancement Bhd (KAB) (formerly Kejuruteraan Asastera Bhd) has landed an engineering contract worth RM29.5 mil from its long-standing property developer partner Mah Sing Group Bhd.

This marks the 14th contract won by KAB from Mah Sing following the M Nova project award on Dec 5 last year.

In March this year, Pembinaan Bintang Baru Sdn Bhd further appointed KAB as its sub-contractor for electrical works for a contract worth RM9.8 mil.

These contracts highlight KAB’s 27-year reputation as an electrical specialist in the engineering sector even as the group has transformed into a leading player in the energy industry, specifically in the realm of sustainable energy solutions (SES).

Valued at RM39.3 mil, both contracts have been awarded to the one-stop sustainable energy & engineering solutions specialist in recognition of its valued engineering work and comprehensive range of electrical services for residential development over the years.

“This marks our 14th project for property giant Mah Sing and 13th for Bintang Baru. Our expertise and reputation in the engineering field remain strong with returning and regular reputable clients,” commented KAB’s group managing director Datuk Lai Keng Onn.

Datuk Lai Keng Onn

“Despite the implementation of a prudent approach to tendering engineering contracts and the proud announcement of the strategic shift into the energy sector, I am privileged to witness the continued trust our clients place in KAB.”

Added Lai who is also KAB’s executive deputy chairman: “Their trust in our competence and capabilities to drive the success and excellence of their esteemed projects keeps us optimistic. We believe that the engineering sector will continue to sustain itself and play a pivotal role as one of the enablers to the group’s growth.”

Over the past 27 years, KAB has successfully executed 119 projects spanning residential, industrial and commercial developments. The group’s engineering segment boasts an order book balance of approximately RM166.0 mil with pending tenders worth RM153.8 mil.

This strong foundation also positions KAB favourably to benefit from Malaysia’s revitalised infrastructure development, increased demand for residential, commercial and industrial projects as well as and heightened investment in infrastructure projects.

“With these new contracts, KAB is poised to continue its trajectory of success in the engineering sector,” added Lai.

At the close of today’s (May 30) trading, KAB was unchanged at 36.5 sen with 7.57 million shares traded, thus valuing the company at RM725 mil. – May 30, 2024

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