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KUALA LUMPUR (Jan 16): Vestland Bhd (KL:VLB), which recently terminated three Selangor affordable housing contracts worth about RM551 million, on Friday said it has secured two new construction contracts totalling RM602 million.
The first contract, worth RM312 million, was awarded by Mercu Majuniaga Sdn Bhd and involves building industrial factories and a workers’ hostel in Kajang, Selangor, Vestland said in its filing with Bursa Malaysia.
The project is expected to be completed within 24 months from the commencement date, which will be announced later, it said.
The second contract, valued at RM290 million and awarded by Sg Besi Construction Sdn Bhd, involves structural, external, and mechanical and electrical works for a 69-storey small office-home office (Soho) and a 78-storey small office versatile office (Sovo) in Jalan Ampang, Kuala Lumpur, the group said in a separate filing.
The contract runs for 41 months from Jan 16 and is slated for completion on June 9, 2029, it said.
Both contracts were awarded to the group’s wholly owned subsidiary, Vestland Resources Sdn Bhd, and are expected to contribute positively to the group’s earnings and net assets over the duration of the projects, barring any material delays, said Vestland.
As at end-September last year, Vestland’s outstanding order book stood at RM1.5 billion.
Shares of Vestland closed unchanged at 46 sen on Friday, giving it a market capitalisation of RM434.38 million.
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