KUALA LUMPUR: Advancecon Holdings Bhd's 30%-owned Advancecon Sarawak Sdn Bhd has accepted a contract from Yayasan Sarawak for a proposed development on Lot 501 Salak Land District in Kuching, Sarawak, for RM32.38mil.

       In a bourse filing, the group said the contract will be for a period of 12 months from the date of possession of the site.

       "Barring any unforeseen circumstances, the Contract is expected to contribute positively towards the future earnings of Advancecon Group for the duration of the Contract and will not have any effect on the share capital and substantial shareholders’ shareholdings of Advancecon Group," it said.

       The contract is expected to be funded via internally generated fund and/or external borrowings.