KUALA LUMPUR: Powerwell Holdings Bhd 's subsidiary Powerwell International Sdn Bhd, has secured a main building works contract from Tialoc Malaysia Sdn Bhd for RM40mil.

       It said the contract entails the supply, installation, testing and commissioning of medium voltage switchgears and power distribution transformers for a leading multinational corporation's semiconductor and testing plant in Kulim Hi-Tech Park, Kedah.

       The contract will kick-off by end-March 2022 and is targeted for completion by October 2022.

       "I would like to thank Tialoc Malaysia for their trust in our products and confidence with our delivery schedule. This contract is expected to contribute positively to Powerwell’s consolidated earnings and net assets for the financial year ending 31 March 2023,"

       "With the progression of our Malaysia economy, we are optimistic that the construction and infrastructure industry will be more vibrant.

       "As the country transits into the endemic phase and with borders re-opening in April 2022, we will actively look into more tender opportunities, both locally and regionally by leveraging on our proven track record," said Powerwell regional sales director Aaron Leong in a statement.

       At midday break, shares in Powerwell last crossed 0.5 sen or 2.38% lower at 20.5 sen a share with 80,000 units done.