Sources say firm will ink con­tract to build of­fices along Fed­eral High­way soon

New Straits Times - - Business -


KUALA LUMPUR sharen@me­di­aprima.com.my

ANZO Hold­ings Bhd is ex­pected to se­cure a con­tract worth more than RM200 mil­lion to build of­fice tow­ers along the Fed­eral High­way in the Klang Val­ley, said peo­ple with knowl­edge on the mat­ter.

Ac­cord­ing to sources, Anzo is in the fi­nal stage of ne­go­ti­a­tion with the project owner for the con­tract and may ink an agree­ment soon.

The tim­ber man­u­fac­tur­ercum-con­struc­tion com­pany could make an an­nounce­ment to Bursa Malaysia as early as this week, said the sources.

Anzo man­ag­ing di­rec­tor Datuk Ed­die Chai was not avail­able for com­ment.

“This is a new project that is com­ing along the Fed­eral High­way, which will be sited on 1.6ha of land. The con­tract en­tails build­ing four tow­ers, mainly com­mer­cial,” a source told NST Busi­ness.

The source said the project would have a gross devel­op­ment value of RM400 mil­lion.

It is not clear whether the Fed­eral High­way land is lo­cated in the area of Pe­tal­ing Jaya or Shah Alam.

Anzo, which re­ported its first quar­terly profit last month after seven con­sec­u­tive years of loss-mak­ing, is ramp­ing up its con­struc­tion busi­ness in a bid to im­prove its earn­ings.

Last month, Anzo said its wholly-owned unit, Har­vest Court Con­struc­tion Sdn Bhd, was part­ner­ing with MCC Over­seas (M) Sdn Bhd to de­velop Paragon@KL North­gate, a mixed devel­op­ment project in Se­layang with a gross devel­op­ment value of RM3.6 bil­lion.

The con­sor­tium was formed two months after Har­vest Court re­ceived a let­ter of in­tent from KL North­gate Sdn Bhd, the master de­vel­oper for Paragon@KL North­gate.

Chai told NST Busi­ness that he was op­ti­mistic Anzo would have a few “good years” as it planned to start im­ple­ment­ing the job in the fourth quar­ter of this year.

Anzo posted a RM1.25 mil­lion net profit in the fourth quar­ter ended March 31 this year, against a RM3.86 mil­lion net loss a year ago. Rev­enue for the quar­ter rose by sev­en­fold to RM7.58 mil­lion.

Anzo re­duced its full-year net loss by half to RM4.75 mil­lion, from RM10.96 mil­lion in 2016.

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