Home Economy Business MGB bags RM231.1 mln construction contract

MGB bags RM231.1 mln construction contract

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KUALA LUMPUR: MGB Bhd’s (MGB) wholly-owned subsidiary, MGB Construction & Engineering Sdn Bhd (MGB), has accepted a letter of award from Seribu Baiduri Sdn Bhd for a construction contract worth RM231.1 million.

In a filing with Bursa Malaysia today, MGB said the award is for the design, building and maintenance of the proposed development project in Mukim Tanjung Dua Belas, Kuala Langat, Selangor.

The project would include two blocks of 22-storey Rumah Selangorku Idaman MBI consisting of 656 units per block and a kindergarten on the ground floor.

MGB said the contract commencement date is Sept 15, 2020 and the project would be completed by March 14, 2023.

“The contract will increase and enhance the existing order book of the company and its group of companies. With the contract in hand, the group’s current outstanding order book is of approximately RM1.83 billion,” it added.

The contract will have no effect on the issued share capital of the company but it is expected to contribute positively to the earnings and net assets per share of the company. – Bernama