Citaglobal Bhd has secured a RM628 million contract from Jabatan Bekalan Air Malaysia (JBA) for a raw water and flood mitigation project in Selangor.
The contract value is nearly double the group’s current market capitalisation of RM349 million and will boost its total order book to around RM1.7 billion, up from RM1.1 billion as of June 2025.
In a filing to Bursa Malaysia on Thursday, Citaglobal said its wholly-owned subsidiary, Citaglobal Land Sdn Bhd (CLSB), has formally accepted the contract, under which it will serve as the project contractor.
The contract follows a tender issued by JBA in March 2025 for the Dual-Function Pond for Raw Water Source and Flood Mitigation Package A Project, with CLSB submitting its bid in July 2025.
The 48-month design-and-build project includes the construction of a weir and raw water pumping station at Sungai Klang, laying raw water pipelines to Sungai Air Hitam, and upgrading 10 existing ponds into detention and sedimentation systems.
It also involves building a side spillway and stilling basin near the Sungai Air Hitam–Sungai Klang confluence, along with associated mechanical, electrical, instrumentation, control system, and infrastructure works.
The project is expected to positively impact Citaglobal’s earnings, earnings per share, and net assets during the contract period.
Designed as a dual-function facility, the pond will serve both flood mitigation and raw water supply purposes, enhancing Selangor’s water security and increasing the state’s reserve margin to over 15%.
At the noon break on Thursday, Citaglobal’s share price remained steady at 82 sen, maintaining a market capitalisation of RM349 million.
