‘ANZO LIKELY TO SECURE RM200M JOB’

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

SHAREN KAUR

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.