KUALA LUMPUR: MMC Corp Bhd's indirect wholly­owned subsidiary, MMC Engineering Services Sdn Bhd, has bagged a RM300 million contract from Petroliam Nasional Bhd to undertake major civil and infrastructure works for the Refinery and Petrochemical Integrated Development (Rapid) in Pengerang, Johor.

In a statement to Bursa Malaysia yesterday, MMC said together with its consortium partners, Siemens Aktiengesellschaft of Germany and Siemens Malaysia Sdn Bhd, it has received a letter of award from
Pengerang Power Sdn Bhd for the project.

"Completion is expected to be by mid­2017," it said.

The MMC group does not foresee any exceptional risks from the Rapid project other than execution risks. Rapid is expected to contribute
positively towards the group's earn­ ings and net assets, starting from its financial year ending December 2014.

It will also not have any effect on the share capital and substantial shareholders' shareholding of the company.