Advancecon Holdings Bhd's wholly owned subsidiary, Advancecon Infra Sdn Bhd (Advancecon Infra), has been awarded an RM417.7 million contract by Advancecon Development Sdn Bhd, another indirect wholly owned subsidiary of Advancecon.

The contract appoints Advancecon Infra as the main contractor for the development of the Silver Valley Technology Park in Perak.

With this new contract, the group's unbilled order book has increased to RM739.3 million as of Sept 30, 2024.

The contract spans 36 months from the commencement date and encompasses a comprehensive scope of work, including key infrastructure civil works and external mechanical and electrical services.

Specifically, the works will involve site clearing, earthworks, road and drainage systems, bridge construction, and the installation of external mechanical and electrical systems such as street lighting and services for TNB substations, among others.

Additionally, during Advancecon's EGM today, it has obtained shareholders' approval for its proposed Employees' Share Option Scheme, which is expected to raise RM20 million based on the current share price.

Proceeds from the scheme will be used for general working capital. At the same time, the shareholders also approved the group's proposed diversification into the property business, encompassing property development, property investment, property management and related businesses which is expected to provide the group with an additional stream of income.