SSB had been appointed as a subcontractor for the work packages, which were part of a 100 megawatt alternating current large scale solar photovoltaic plant project in Kerian, Perak.

Under the turnkey construction agreement signed with property developer Danau Lumayan Sdn Bhd, the project is split into two phases.

The group's earnings per share also declined to 2.76 sen from 6.56 sen in 4QFY2021. 

Net profit jumped to RM8.53 million for 2QFY2023 from RM3.76 million a year ago, despite a 27% drop in revenue to RM76.88 million from RM105.55 million. 

Lagenda said the acquisition is part of the group’s land banking strategies, targeting strategic locations nationwide to expand its affordable property development footprint and market presence.

This is the third contract award secured by Muhibbah in the last three months.

The firm said the latest data showed that growth already slowed to 7.0% year-on-year (y-o-y) in the fourth quarter of 2022 (4Q2022), from 14.2% in the previous quarter, and the slowdown was broad-based.

The rating agency has also made similar revisions to the outlook of Genting's wholly owned subsidiaries Genting Overseas Holdings Ltd (GOHL) and Genting Singapore Ltd (GENS).

“Tan stays on as adviser following his resignation as group CEO to provide guidance to support the continued growth of Signature International.”

Ageson added that Chin denied his involvement and believed that the allegation was targeted at him personally.