Gadang gets RM185mil contract from Petronas
KUALA LUMPUR (Dec 17): Gadang Holdings Bhd has secured civil and infrastructure works from Petroliam Nasional Bhd (Petronas) at Pengerang, Johor, worth RM185 million.
In a filing with Bursa Malaysia today, the civil engineering outfit said its wholly-owned subsidiary, Gadang Engineering (M) Sdn Bhd has been awarded with the contract by PRPC Utilities and Facilities Sdn Bhd, a subsidiary under the Petronas Group last Friday (Dec 11).
Gadang is tasked to undertake a project known as “Utilities, Interconnecting, Offsite (UIC) facilities: procurement, construction and commissioning (PCC) of civil and intrastructure works” at Storm Water East Area at Pengerang, Johor.
The contract will commence from the date of the contract award, with a contract period of 20 months.
Gadang expects the contract to contribute positively to its earnings for the financial year ending May 31, 2016 onwards.
Shares in Gadang closed up one sen or 0.46% at its five years high of RM2.17 today, for a market capitalisation of RM503.14 million.
Gadang confident of RM1bil construction order book
KUALA LUMPUR: Gadang Holdings Bhd is confident its construction order book could pass the RM1 billion threshold in financial year ending May 31, 2016 (FY16).
“As at October, our remaining order book is already RM874.4 million, so we are quite confident that we can surpass the RM1 billion level,” Gadang Engineering (M) Sdn Bhd managing director (MD) Khew Check Kiet told The Edge Financial Daily.
Gadang Engineering is a wholly-owned subsidiary of Gadang Holdings whose core businesses are civil engineering, building construction and provision of engineering works for mechanical and electrical services. It is also involved in property development, water concession and oil palm cultivation.
“On the Rapid (Petroliam Nasional Bhd’s refinery and petrochemical integrated development project) side, there are another five packages that we have tendered for, and the EKVE (East Klang Valley Expressway) we have put up three tenders, and for MRT (mass rapid transit) Line Two, we are submitting our tender next month,” Khew revealed.
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.