KUALA LUMPUR, March 21 — MGB Bhd’s wholly-owned subsidiary, MGB Construction & Engineering Sdn Bhd, has accepted a letter of award from Astana Modal Sdn Bhd (AMSB) to develop the D’Island Residence in Puchong, Selangor, with a contract value of RM207.03 million.
AMSB is an indirect subsidiary of LBS Bina Group Bhd (LBGB), and LBGB is a major shareholder of MGB.
In a Bursa Malaysia filing today, MGB said that the project consists of two phases; one block of 34-storey service apartments with one block of seven-storey podium and one block of 29-storey service apartments with one block of six-storey podium.
“The contract will increase and enhance the existing order book of the company and its group of companies.
“With the contract in hand, the group’s current outstanding order book is approximately RM1.27 billion,” the construction company said.
MGB added that the contract is expected to contribute positively to the earnings and net assets per share of the company and the group throughout the contract.
— Bernama
