KUALA LUMPUR (Jan 12): Building construction services provider Siab Holdings Bhd has secured a contract to build a food processing factory in Seremban, Negeri Sembilan, worth RM94.28 million.

In a bourse filing, Siab said the group’s wholly owned Siab (M) Sdn Bhd had accepted a letter of award awarded by Mahsuri Food Sdn Bhd to build a four-storey factory block, one fermentation area, and one soy silage building unit with utility facilities.

The construction, which will begin on Feb 14 this year, is expected to be completed in 13 months.

Mahsuri Food is involved in the manufacturing of food products, and the export and import of sauces and condiments.

Siab’s share price slipped half a sen or 3.85% to close at 12.5 sen on Friday, giving the group a market capitalisation of RM74 million.

Compared to its initial public offering price of 30 sen in February 2022, the stock has fallen 58%.