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PETALING JAYA (Aug 11): Inta Bina Group Bhd's wholly-owned subsidiary, Inta Bina Sdn Bhd (IBSB), has accepted a RM115.65 million letter of award LOA from Sime Darby Property (KL East) Sdn Bhd for the main building works for a residential development in KL East.
In a Bursa Malaysia filing on Monday (Aug 10), the construction group said the contract covers the construction of 61 three-storey terrace houses and one electrical substation on Jalan Melati Kuarza 1, off the Middle Ring Road 2 (MRR2), in Setapak, Kuala Lumpur.
Works are scheduled to commence on Aug 24 and be completed on Feb 23, 2029, under a 30-month construction period.
Inta Bina said the contract is expected to contribute positively to the group's future earnings over the construction period, barring unforeseen circumstances. The group intends to fund the contract through internally-generated funds and/or external borrowings.
The contract will not affect the group's share capital or its substantial shareholders' shareholdings, it said. None of Inta Bina's directors, substantial shareholders or persons connected to them has any direct or indirect interest in the contract.
In a separate press release, managing director Paul Lim said the award increases the group's outstanding order book to approximately RM1.7 billion and brings its total contract wins for 2026 to RM424 million. He added that Inta Bina has approximately RM3.3 billion of submitted tenders awaiting clients' award decisions, including tenders carried forward from last year.
The company also said in its press release that the project is subject to the Construction Industry Development Board's (CIDB) Quality Assessment System for Building Construction Works (Qlassic) requirements under CIS 7:2021, or its latest revision, including a minimum score of 85% for the relevant contract components.
The award provides Inta Bina with earnings visibility over the 30-month construction period, subject to operational risks associated with the construction period. According to the company's press release, it also lifts the group's outstanding order book to approximately RM1.7 billion and total contract wins for 2026 to RM424 million.
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