Vestland wins RM225.07 million flood mitigation contract in Kelantan
Pembinaan Rizen Sdn Bhd awarded the two-year job, with works due to begin on Oct 28.
Vestland Bhd has received a RM225.07 million contract from Pembinaan Rizen Sdn Bhd for works in Kelantan involving river widening and flood mitigation, according to its stock exchange filing.
The two-year contract forms part of the Integrated River Basin Development project. Work is scheduled to start on Oct 28, although the filing did not identify the precise site. Vestland expects the job to support its earnings and net assets during the contract period.
Managed by the Department of Irrigation and Drainage, the wider initiative seeks to strengthen long-term flood protection, increase river channel capacity and manage water resources across major river basins prone to flooding.
Vestland had previously secured three construction jobs with a combined value of RM781.3 million, taking its order book to RM2 billion. Those awards covered a Jalan Ampang mixed-use development in Kuala Lumpur, river widening and sheet-piling in the Sungai Golok basin, and flood mitigation work at a Terengganu reservoir catchment.
At end-June 2026, the company held RM13.06 million in cash and cash equivalents, while borrowings stood at RM422.6 million.
Its shares finished at 90 sen, up five sen or 5.88%, giving Vestland a market value of RM934.9 million. The stock has gained more than 90% over the past one year.
