KUALA LUMPUR (Feb 28): Water supply services provider Ranhill Utilities Bhd has secured a seven-year contract worth RM7.52 million from Iskandar Regional Development Authority (IRDA) for the provision of delivery management office services for a highway improvement project.

In a filing with Bursa Malaysia on Wednesday, Ranhill said its associate Ranhill Consulting Sdn Bhd (RConsulting) had accepted the letter of award from IRDA to be appointed the project director representative to undertake general project management for the design and build, and project management.

"The contract was secured by RConsulting through a meticulous open tender process undertaken by IRDA duly endorsed and approved by the Ministry of Finance," Ranhill said.

The contract is to be undertaken immediately for a term of 84 months, starting from Feb 28, 2024 to Feb 27, 2031.

As part of the group's initiative to support the government’s implementation of the Professional Training and Education for Growing Entrepreneurs (PROTÉGÉ) programme, Ranhill said RConsulting will be recruiting at least three people under this programme for the project.

Shares of Ranhill were down eight sen or 6.5% to close at RM1.15 for a market capitalisation of RM1.49 billion.