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FINWIRES

Nestcon Unit Bags MYR243 Million Construction Contract

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Nestcon (KLSE:NESTCON) unit Nestcon Builders secured a letter of award worth 243 million ringgit from Exsim Waterfront for the construction of a 57-story serviced apartment project in Penang, Malaysia.

The contract covers the main building and infrastructure works for the project.

Construction is scheduled to begin on Jan. 18, 2027, and is expected to run for 35 months to Dec. 17, 2029.

Nestcon said the contract is expected to contribute positively to the group's earnings, net assets per share and gearing over the project's duration.

Shares of the company rose 1% in late-morning trade Thursday.

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