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KUALA LUMPUR (Jan 29): Foundation and geotechnical services provider Geohan Corp Bhd (KL:GEOHAN) said it has secured two piling contracts worth a combined RM32.2 million from subsidiaries of Sunway Bhd.
The first job secured for the year, awarded by Sunway Majestic Sdn Bhd, involves piling and contiguous bored piling retaining wall works for a 46-storey Soho (small office / home office) development in Johor Bahru. Construction is scheduled to begin this month and is expected to be completed within nine months.
The second contract is from Sunway City (JB) Sdn Bhd for bored piling works for three blocks of 47-storey serviced apartments in Plentong. The works are also slated to commence this month, with an estimated construction period of eight months.
Both contracts were awarded to Geohan’s wholly-owned unit Geohan Sdn Bhd, according to the group’s statement on Wednesday (Jan 28).
“We are truly grateful to Sunway Group, our long-standing customer for almost 20 years, for once again placing its trust in us and awarding us these projects. This is a strong endorsement of the quality and reliability of our piling works,” said Geohan managing director Lee Kim Seng.
Lee, who holds a 12.08% stake in the group, added that the projects would further strengthen Geohan's order book and project pipeline for the financial year ending Dec 31, 2026 (FY2026), as Geohan remains focused on delivering sustainable growth and long-term value for shareholders.
Geohan’s share price closed up 1.5 sen or 3.85% at 40.5 sen on Wednesday, giving the group a market capitalisation of RM178.2 million. The stock, which was listed last December, has fallen 26.4% from its initial public offering price of 55 sen.
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