KUALA LUMPUR (June 18): Plytec Holding Bhd (KL:PLYTEC) has secured a RM26.3 million contract from Setiakon Builders Sdn Bhd (SBSB) to supply temporary works equipment for a proposed construction project, which features three blocks of serviced apartments.

Plytec, which was listed on the ACE Market of Bursa Malaysia on Nov 15 last year, is a construction engineering solutions and services and building material trading and distribution company.

In a filing with Bursa on Tuesday, Plytec said the group, through its wholly owned unit Plytech Formwork System Industries Sdn Bhd (PFWSI), has accepted the letter of award from SBSB for the proposed job. SBSB is principally involved in high-rise building construction as the main contractor.

Under the contract, PFWSI will supply aluminium formwork, deck formwork system and heavy shoring solution, as well as rent out a self-climbing perimeter platform for the proposed project.

The contract's tenure is 27 months, commencing from June 2024 with completion in August 2026.

Plytec said the contract is expected to contribute positively towards the group's future earnings for the duration of the contract.

Plytec shares closed down 1.5 sen or 4.8% at 29.5 sen on Tuesday, giving the group a market capitalisation of RM179 million. The stock has fallen 16% from its initial public offering price of 35 sen.

Plytec group managing director and chief executive officer Yang Kian Lock is the group’s largest shareholder with a 74% stake via private vehicles: Resilient Capital Holdings Sdn Bhd (41.37%) and Prestij Usaha Sdn Bhd (32.63%), its 2023 annual report showed.