TXCD unit wins RM110 million structural works subcontract in Kuala Lumpur
The job covers a block in a 62-storey Sovo commercial development, with completion scheduled for Dec 31, 2028.
TXCD Bhd said its unit Ageson Kensetsu Sdn Bhd has accepted a RM110 million subcontract for structural works at a commercial development in Kuala Lumpur’s Section 44. Vestland Resources Sdn Bhd awarded the job, which covers one block of the 62-storey Sovo project.
According to TXCD’s bourse filing, Ageson Kensetsu is wholly owned indirectly by the group, while Vestland Resources is wholly owned by Vestland Bhd. Work has begun and completion is scheduled for Dec 31, 2028.
TXCD, which is classified under Practice Note 17 (PN17), proposed changes to its regularisation plan in August following regulatory feedback. These included reducing its capital by up to RM281.5 million, selling non-core subsidiaries and undertaking a RM22 million private placement.
The company said the capital reduction would offset accumulated losses. Selling the non-core subsidiaries would leave Ageson Kensetsu as the group’s only subsidiary so it could concentrate on construction, while placement proceeds would mainly fund working capital.
The subcontract is worth about 1.8 times TXCD’s market capitalisation of RM62.3 million at the reported close. Its shares ended at 20 sen, down half a sen or 2.44%.
