TXCD bags RM85.5 mil subcontract for construction job in Subang Jaya

• The contract was awarded to Ageson Kensetsu Sdn Bhd, a wholly-owned subsidiary of TXCD, by Vestland Resources Sdn Bhd. The scope of work includes the supply, construction, and commissioning of a tower block’s superstructure and related infrastructure.

KUALA LUMPUR (April 11): Practice Note 17 (PN17) construction outfit TXCD Bhd (KL:TXCD), formerly known as Ageson Bhd, said on Friday that it has secured an RM85.5 million subcontract to undertake a construction project in Bandar Subang Jaya, Selangor.

The contract was awarded to Ageson Kensetsu Sdn Bhd, a wholly-owned subsidiary of TXCD, by Vestland Resources Sdn Bhd. The scope of work includes the supply, construction, and commissioning of a tower block’s superstructure and related infrastructure.

The project is set to begin immediately and is scheduled for completion by May 11, 2026, TXCD said in a filing with the stock exchange.

The company was classified as a PN17 entity in November 2023 after its former auditor issued a disclaimer of opinion on its financial statements, citing concerns over receivables, revenue recognition and asset valuation.

Although an independent consultant later found no material adverse findings, the new auditor in October 2024 also issued a disclaimer, citing insufficient evidence to assess the group’s ability to continue as a going concern and challenges in auditing its subsidiaries.

TXCD said it plans to resolve the issues in the next financial year and is currently working with a principal adviser to formulate a regularisation plan.

In December last year, TXCD saw a change in its largest shareholder when Datuk Seri Liew Kok Leong, sold his entire 15.56% stake to Chew Swe Siew @ Chew Swee Siew and exited the company.

Chew has since become TXCD’s sole substantial shareholder.

TXCD reported a net profit of RM92,000 or 0.03 sen per share for the three-month period ended June 30, 2025, on the back of RM10.6 million in revenue, mainly from its construction segment.

However, for the six-month period ended June 30, 2025, the company posted a net loss of RM97.5 million, despite recording revenue of RM24.4 million.

Shares in TXCD closed half a sen or 5.26% lower at nine sen on Friday, giving the group a market capitalisation of RM28 million.

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