MGB unit bags RM172.34 mil development project

KUALA LUMPUR: MGB Bhd announced that its wholly-owned subsidiary, MGB Construction & Engineering Sdn Bhd (MGBCE), has accepted a letter of award from Kita Sejati Sdn Bhd for the proposed development project worth RM172.34 million.

The project involves two blocks of 24-storey serviced apartments comprising 843 units and 211 affordable units; one block of eight-storey building with facility at ground floor and level one; seven-storey podium car park; one guard house; and one refuse chamber.

In a filing with Bursa Malaysia, MGB said the contract will increase and enhance the company and group's existing order book.

"With the contract in hand, the Group's current outstanding order book is of approximately RM2.21 billion.

"The contract will have no effect on the issued share capital of the company but it is expected to contribute positively to the earnings and net assets per share of the company and the Group over the duration of the contract," it said.

MGB added the date of commencement is scheduled on Sept 1, 2022 (or to be advised) and date of completion on Nov 30, 2023.– BERNAMA

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