SKA Capital wins six subcontracts worth RM89.28 million before ACE listing
The electrical infrastructure work involves TNB projects in Pahang, Terengganu and Selangor, with completion expected within 18 months of commencement.
SKA Capital Bhd has announced RM89.28 million worth of subcontract awards for its wholly-owned unit, SKA Rekabina Sdn Bhd, covering six Tenaga Nasional Bhd (TNB) projects. The company is preparing to list on the ACE Market on Nov 11.
In a bourse filing, SKA Capital said its subsidiary accepted the award on Oct 23 from Ibrahim & Sons Engineering Sdn Bhd. Ibrahim & Sons serves as TNB's main engineering contractor on the projects.
The work includes underground cables rated at 11kV and 33kV, covering installation through testing and commissioning, plus related accessories. SKA Rekabina will also build two main distribution substations rated at 33/11kV, located in Kuantan, Pahang, and Chendering, Terengganu. Other tasks involve underground cabling and jointing for the TNB grid in Selangor.
Completion is expected within 18 months of the respective start dates. Payment terms provide for 90% of approved progress claims to be paid, leaving 10% held back until completion. Each subcontract requires performance security of 5%, due within 28 days after acceptance of the award.
Before the new work was awarded, SKA Capital had disclosed approximately RM313 million in outstanding orders.
Its IPO opened on Oct 20 with shares priced at 43 sen, targeting proceeds of RM103.4 million. The company is to receive RM72.3 million, while the sale of shares by managing director Datuk Subas Kumar Ambairam will generate RM31.13 million for him. IPO applications close on Oct 27.
