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T7 Global, Advancecon in partnership to tap on ECRL

KUALA LUMPUR, Aug 14 (Bernama) -- Oil and gas service provider, T7 Global Bhd announced today that its wholly-owned unit, Kemuncak Sdn Bhd and Advancecon Infra Sdn Bhd have entered into an agreement to collaborate in various activities pertaining to the RM44 billion East Coast Rail Link (ECRL) project.

Advancecon Infra is a unit of Advancecon Holdings Bhd.

“The said collaboration will provide opportunities for the parties to establish a strategic partnership for various activities in relation to the Project based on the respective party’s expertise and strengths which allows the Parties to tap into each other’s expertise and resources,” T7 Global said in a filing to Bursa Malaysia.

The deal is not expected to have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of the company for the financial year ending Dec 31, 2019.

“Should the collaboration materialises, it is expected to contribute positively to the Company’s future earnings,” it added.

Meanwhile, T7 Global executive deputy chairman Tan Sri Tan Kean Soon in a separate statement said, the construction industry today has to evolve and adapt quickly to the advent of new regulations.

“We are proud to be collaborating with an experienced partner whose expertise is widely recognised across the globe. The agreement will be underpinned by a synergy of combined skills and the convergence of our long-term strategies,” he said.

On July 26,  T7 Global announced that it has sealed an agreement with Persatuan Kontraktor Bumiputera Malaysia, a non-governmental organization representing Bumiputera contractors to explore business opportunities related to the ECRL project.

Spanning 640-km of rail network, the ECRL is scheduled for completion by December 2026 and is expected to link Kota Bharu to Putrajaya in approximately four hours.

-- BERNAMA

 

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