KUALA LUMPUR: A Rohas Tecnic Bhd-led consortium has secured a supply contract for Package 2 of Sg. Rasau Water Treatment Plant from Gamuda Bhd's subsidiary Gamuda M&E Sdn Bhd worth RM123 million.
In a filing with Bursa Malaysia, Rohas Tecnic said Rohas-Euco Industries Bhd–One Ocean Environment Sdn Bhd Consortium received a letter of award for the project, involving design review, supply, delivery, installation, testing and commissioning as well as maintenance the plant.
The project is expected to be completed by fourth quarter of 2025.
Upon the award of the project, Rohas-Euco Industries and One Ocean Environment will enter into a detailed joint venture agreement with a proposed equity ratio of 51 per cent and 49 per cent, respectively.
The principal activities of Rohas-Euco Industries include designing and fabricating steel structures for hightension transmission towers, microwave towers and substations structures, as well as providing other fabrication and installation works.
Meanwhile, One Ocean Environment is principally engaged in the business of contracting electrical and mechanical engineering works.
"The Sg. Rasau Package 2 project is expected to contribute positively to the earnings of Rohas for the financial years ending Dec 31, 2024 and 2025, and a positive financial impact is expected on the earnings per share and net assets per share," Rohas Tecnic said.
The project is owned by Pengurusan Air Selangor Sdn Bhd and was awarded to to Gamuda in July 2022 as the main contractor for the proposed development of Sungai Rasau Water Supply Scheme (Stage 1).
Rohas Tecnic's share price was 1.69 per cent to 30 sen a share, giving it a market capitalisation of RM141.8 million.