MINETECH BIDDING FOR RM1.2 BLN ENERGY, EPCC CONTRACTS

PETALING JAYA, Aug 26 -- Minetech Resources Bhd, one of Malaysia’s largest aggregate mining businesses, is actively bidding for RM1.2 billion worth of tenders in the energy as well as engineering, procurement, construction and commissioning (EPCC) sectors.

Chairman Datuk Awang Daud Awang Putera said the company's diversification into energy, particularly oil and gas and EPCC, would in time deliver an improvement to the company’s financial results.

"The transformation into energy and EPCC will surely strengthen the tender book and order book and this will flow into the bottom line as the two segments bring wider opportunities in contrast to the conventional business focus of Minetech," he said at the launch of Minetech's logo rebrand today.

He said the company is also exploring contracts in new markets outside Malaysia such as Kazakhstan.

"That is why we are rebranding ourselves to strengthen our future business direction. There are massive developments there but untapped by outsiders. Since we have a partner there, we want to penetrate the market," executive director of finance Abdul Farid Abdul Kadir said.

Abdul Farid said Minetech is confident of securing at least RM130 million from the total contracts currently being tendered for.

He said the company also sees new market potential in Indonesia following an agreement entered into with a partner there who owns a coal mine.

Minetech, via its wholly-owned subsidiary Minetech Construction Sdn Bhd, recently entered into a memorandum of understanding (MoU) with Borneo Oil and Gas Corporation Sdn Bhd to explore and establish a non-bidding joint venture undertaking gold mining works at the Bukit Ibam forest reserve in Keratong, Pahang.

-- BERNAMA