KUALA LUMPUR: Construction services group GDB Holdings Bhd (GDB) received shareholders approval at the company's extraordinary general meeting today to facilitate the transfer to the main market of Bursa Malaysia.
Group managing director Cheah Ham Cheia said the main market transfer will be a landmark occasion in the group’s growth journey as it aims to continue its aggressive tender activity.
"Our plan to graduate to the main market of Bursa Malaysia in just two years after our listing on the ACE Market is a natural progression for GDB and reflects our larger scale of operations currently.
"Over the past 12 months, the Group has grown from strength to strength and achieved notable milestones, including winning our highest number of contracts in a single financial year despite the sector doldrums, entering new segments to construct industrial and hospitality buildings, and completing our first acquisition to widen our scope of expertise," he said.
GDB orderbook as at 30 September 2019 stood at RM1.26 billion amd the Group aims to replenish existing orderbook with an additional RM750.0 million worth of new projects in 2020, which is 50 per cent higher than last year’s target.
GDB is principally involved in construction services, focusing on high rise residential, commercial and mixed development projects as main contractor and principal works contractor.
Among the new projects secured by GDB in 2019 includes Perla Ara Sentral in Ara Damansara, Park Regent in Desa ParkCity, 5-star Hyatt Centric hotel in Kota Kinabalu, Hap Seng Star Mercedes-Benz Autohaus in Setia Alam, Selangor as well as piling and substructure works for Aviary Residence in Puchong Horizon.
Since being incorporated in 2013, GDB has delivered numerous iconic buildings throughout Klang Valley.
These includes Etiqa office tower in Bangsar, two packages of KL Eco City in Mid Valley, One Central Park and Westside III in Desa ParkCity, and Menara Hap Seng 3 in Kuala Lumpur City Centre.
The Group added bored piling and foundation works to its in-house capabilities via acquisition of Eco Geotechnics Sdn Bhd, now known as GDB Geotechnics Sdn Bhd, in October 2019.
"The transfer to main market will not only elevate our profile in the eyes of potential clientele as one of the nation’s leading builders, but also certainly allow us to tap into a broader investing community, especially the institutional funds.
"This will only enhance our shareholders’ value from greater investor participation," Cheah said adding that GDB target to transfer to the main market in the first half of 2020.
GDB was listed on the ACE Market of Bursa Malaysia on 27 March 2018.