SunCon se­cures RM100mil con­struc­tion job

The Star Malaysia - StarBiz - - News -

PETALING JAYA: Sun­way Con­struc­tion Group Bhd (SunCon) has been awarded a RM100mil con­tract, bring­ing its to­tal or­ders se­cured for the year to date to RM1.5bil.

The group said its sub­sidiary Sun­way Con­struc­tion Sdn Bhd (SCSB) has ac­cepted a let­ter of award (LoA) is­sued by SA Ar­chi­tects Sdn Bhd, on be­half of Sun­way In­te­grated Prop­er­ties Sdn Bhd (SIPSB).

SIPSB is an in­di­rect sub­sidiary of Sun­way Bhd, which in turn is a ma­jor share­holder of SunCon.

The group said the LoA was in re­spect of main build­ing works, in­clud­ing base­ment ar­chi­tec­tural as well as me­chan­i­cal and elec­tri­cal works, pedes­trian bridges and as­so­ciat- ed ex­ter­nal works for the pro­posed devel­op­ment of a 22-floor build­ing.

It said the build­ing com­prised three floors of com­mer­cial area, eight floors of of­fice area, 11 floors of ser­viced apart­ments, pedes­trian decks and four floors of base­ment carparks, lo­cated in Kuala Lumpur.

The du­ra­tion of the pro­ject is about 29 months from the date of com­mence­ment, which is Nov 16, 2018, and is ex­pected to be com­pleted by April 30, 2021.

The group said the pro­ject was ex­pected to con­trib­ute pos­i­tively to its earn­ings from the fi­nan­cial year end­ing Dec 31, 2019, on­wards.

It noted that the pro­ject was sub­ject to the usual con­struc­tion risk of fluc­tu­a­tions in the prices of ma­te­ri­als.

How­ever, it said, with the past ex­pe­ri­ences and ex­per­tise of SCSB in con­struc­tion projects, this risk could be mit­i­gated.

The pro­ject is a re­lated-party trans­ac­tion by virtue of Evan Cheah Yean Shin be­ing a di­rec­tor and ma­jor share­holder of SunCon, as well as di­rec­tor of sev­eral sub­sidiaries and ma­jor share­holder of Sun­way.

The group noted that it had ob­tained share­hold­ers’ man­date for such re­cur­rent re­lated-party trans­ac­tions en­tered into, or to be en­tered into, by SunCon and its sub­sidiaries with Sun­way and its group of com­pa­nies at its AGM on June 20, 2018.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.