Gadang wins RM375mil Petronas contract
KUALA LUMPUR (Oct 23): Gadang Holdings Bhd secured a RM375.13 million construcion project from Petroliam Nasional Bhd (Petronas). The project, involving infrastructure work, is located in Pengerang, Johor.
Petronas is undertaking its refinery and petrochemical integrated development (RAPID) project, there.
In a statement to Bursa Malaysia today, Gadang said it has accepted the letter of award (LOA) from Petronas’ subsidiary PRPC Utilities and Facilities Sdn Bhd. The letter was dated Oct 20, 2015.
“The contract will commence from the date of the LOA, with a contract period of thirty one (31) months.
“The contract is expected to contribute positively to the earnings of Gadang group for the financial year ending 31 May 2016 onwards,” Gadang said.
At 5pm, Gadang’s shares fell two sen or 1.4% to close at RM1.46 sen, for a market capitalisation of RM343.3 million. The stock saw 687,400 shares done.
Gadang gets shareholder nod to buy land in Semenyih
KUALA LUMPUR: Investment holding company Gadang Holdings Bhd has obtained shareholders’ approval for its proposal to buy 62.84 acres (25.43 ha.) of freehold land in Semenyih from Sementar Properties Sdn Bhd for RM95.8 million in cash.
Managing Director Ling Hock Hing told Bernama the acquisition by its indirect wholly-owned subsidiary Crimson Villa Sdn Bhd is to build a mixed development of residential units and shop offices.
“Subject to the authorities’ approval, our plan is for a central park surrounded by terrace and triple-link houses.
“This project is targeted to be launched by end-2015 with a minimum estimated Gross Development Value of RM450 million, and we are looking to increase the value,” he said after the company’s extraordinary general meeting at the Sri Damansara Club today.
Ling added that Gadang has paid around RM9 million for the proposed acquisition with RM86.23 million left to be settled.
“We have had some offers for borrowings of RM70 million from banks at this juncture but the balance of the fund will be taken internally,” he said.
Gadang Holdings Bhd, a public limited company, deals in civil engineering and construction, property development, water supply, mechanical and electrical engineering services, and oil palm plantations.
Gadang targeting RM75mil pre-tax profit for FY15
KUALA LUMPUR (Nov 19): Construction and property developer Gadang Holdings Bhd is targeting to achieve RM75 million in pre-tax profit for financial year ending May 31, 2015 (FY15).
“We expect a better performance in FY15, and hope to have RM75 million in PBT (profit before tax) by then,” Gadang’s chief financial officer Kok Pei Ling said after the annual general meeting today.
The group’s first quarter PBT reached RM12.71 million, or equivalent to almost 17% of the aforesaid target.
She foresees that the main contribution would still be coming from the group’s construction business.
On its future prospects, Kok expects the performance for the current financial year to further improve, in tandem with its outstanding construction orderbook of some RM1.3 billion.
According to Gadang’s managing director Khew Check Kiet, the group was currently eyeing another RM5 billion contracts and potential projects for its orderbook, mainly focusing on infrastructure implementation.
These contracts includes the Kinrara-Damansara Expressway (KIDEX), Petrochemical Plant within RAPID site, Klang Valley Mass Rapid Transit (KVMRT) Line two (Sungai Buloh-Serdang-Putrajaya), and Maju Expressway Extension to KLIA (E20).
Gadang in JV to develop 2,500 homes in Cyberjaya
KUALA LUMPUR (August 7): Gadang Holdings Bhd and Cyberview Sdn Bhd have formed a joint venture to develop 2,500 residential units on 44ha (109.31 acres) of land in Cyberjaya, Selangor.
In a statement to the exchange, Gadang said it has accepted the letter of acceptance (LOA) for the proposed project from Cyberview which owns the land.
Both firms will sign a definitive agreement which will specify the terms and conditions of the project.
“A further announcement on the salient terms and conditions of the agreement shall be released by the company (Gadang) upon signing of the agreement,” Gadang said.
The LOA follows a memorandum of understanding last April between Gadang and Cyberview for the real estate project.
Gadang advances as RM863.4mil MRT work starts
KUALA LUMPUR: Shares of Gadang Bhd rose in active trade on Thursday as work on the Mass Rapid Transit (MRT) V2 viaduct got under underway. The work package was valued at RM863.4mil.
At 3.19pm, Gadang was up two sen to 67.5 sen. There were 2.05 million shares transacted at prices ranging from 66 sen to 68 sen.
The FBM KLCI added 3.49 points to 1,664.16. Turnover was 823.19mil shares valued at RM807.78mil. There were 331 gainers, 294 losers and 341 counters unchanged.
Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) announced that work on MRT V2 viaduct by Gadang Engineering (M) Sdn. Bhd had started.
To recap, the V2 work package, valued at RM863.4mil, was awarded to Gadang Engineering in June 2012.
Gadang subsidiary gets RM410.87mil Shah Alam hospital job
KUALA LUMPUR: Gadang Holdings Bhd has accepted a RM410.87 million contract from the Public Works Department to undertake the completion of the abandoned works at the Shah Alam Hospital.
It said on Tuesday, Oct 11 that its wholly owned subsidiary Gadang Engineering (M) Sdn Bhd had accepted the letter of acceptance for the project at the 300-bed hospital.
Gadang said the contract was to be completed within a period of 24 months from the date for possession of site and was expected to contribute positively to its future earnings.
Gadang aims for 20% of RM2bil jobs tendered
KUALA LUMPUR: Gadang Holdings Bhd, a builder and property developer, is aiming to secure 20% of the RM2bil projects it tendered for, managing director and chief executive officer Tan Sri Kok Onn said yesterday.
Currently, the group’s construction and engineering division is actively participating in tenders worth more than RM2bil, he told reporters after the group’s EGM here yesterday.
Among the tenders are the proposed Kimanis power plant in Sabah worth US$300mil, the proposed 1,000MW Manjung power plant and the Pahang-Selangor water transfer project.
The proposed Kimanis power plant project was expected to be awarded before end of this year, Kok said, adding that it would be a joint venture project with a China party.
Race Against Cancer Run 2026
A fundraising charity run supporting cancer awareness and patient care initiatives through community participation and healthy living activities.
E-Waste Campaign 2026
An environmental initiative encouraging the responsible disposal and recycling of electronic waste to promote sustainability and environmental awareness.
CSR Visit to PIICS
A community outreach visits to PIICS as part of Gadang Group’s CSR initiatives to engage with and support the local community.