Gadang wins TRX contract worth RM86mil
KUALA LUMPUR (Aug 20): Gadang Holdings Bhd has secured a contract worth RM86.09 million to construct and complete the public realm works (Phase 1) of the Tun Razak Exchange (TRX).
Gadang said in an exchange filing the contract was awarded to its wholly-owned subsidiary, Gadang Engineering (M) Sdn Bhd, by TRX City Sdn Bhd today.
The proposed project will commence on Sept 1, and is expected to be completed by the third quarter of 2019, read the filing.
It said the project is expected to contribute positively to its earnings and net assets for the financial year ending May 31, 2019.
Shares in Gadang edged up one sen or 0.68% to close at 74 sen today, for a market capitalisaiton of RM492.98 million.
Gadang to buy Johor land from tycoon Danny Tan’s private firm for RM149mil
KUALA LUMPUR (Feb 6): Gadang Holdings Bhd is acquiring two parcels of freehold land totalling 78 acres in Pontian, Johor from GP Views Development Sdn Bhd — a private company owned by Tropicana Corp Bhd founder Tan Sri Danny Tan Chee Sing and his family — for RM149 million cash.
Gadang said the proposed acquisition is in line with its strategy to expand the revenue and earnings contribution from its property development segment.
“The proposed acquisition will help to replenish the group’s land bank for landed residential properties and to further increase its presence in the property market in Johor,” it added in a filing with Bursa Malaysia today.
Gadang’s indirect wholly-owned subsidiary Splendid Pavilion Sdn Bhd today entered into a conditional sale and purchase agreement with GP Views for the proposed acquisition.
It added that the land comes with a master development layout approval, which will be procured by GP Views for residential development with the density of 12 units per acre.