Pestech's Subsidiary Bags US$7.11 Mln Contract In Papua New Guinea

KUALA LUMPUR, Oct 8 (Bernama) -- Pestech International Bhd's wholly-owned unit, PESTECH Sdn Bhd, has won a contract from Papua New Guinea's PNG Power Ltd in relation to the Port Moresby Power Grid Development Project worth US$7.11 million (US$1=RM4.15). Pestech, in a filing to Bursa Malaysia Friday, said the contract was for the procurement of plant, design, supply, installation, testing and commissioning of the KilaKila 66/11 Kilovolt (kV) substation and 66kV double circuit transmission line. It said the project is expected to commence in November this year and to be completed within 730 days. "This project is funded by Asian Development Bank (ADB) and the award of the project was through international competitive bidding process in accordance with ADB's Procurement of Works procedures," it said. Pestech said the project is expected to contribute positively to the future earnings and net asset per share of the company for the financial years ending June 30, 2017 to June 30, 2019. -- BERNAMA