KUALA LUMPUR: Powerwell Holdings Bhd has secured a RM40mil contract from Tialoc Malaysia Sdn Bhd to supply medium voltage switchgears and power distribution transformers for a plant in Kedah.

       The project will begin by the end of this month and is targeted for completion by October.

       “The contract is expected to contribute positively to Powerwell’s consolidated earnings and net assets for the financial year ending Mar 31, 2023,” Powerwell’s regional sales director Aaron Leong said in a statement.

       Powerwell will be supplying, installing, testing and commissioning medium voltage switchgears and power distribution transformers for a new building project of a leading multinational corporation’s semiconductor production and testing plant in Kulim Hi-Tech Park, Kedah.

       The project is expected to boost the company, which posted a net loss of RM613,000 for the third quarter ended Dec 31, 2021.

       It recorded a revenue of RM26.14mil during the quarter compared with RM24.54mil in the previous corresponding period.

       Powerwell is a low-voltage and medium-voltage electrical power distribution equipment manufacturer and solutions provider.

       “With the reopening of the Malaysian 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 reopening in April, we will actively look into more tender opportunities both locally and regionally by leveraging on our proven track record,” Leong added.