Kanger International bags RM478m contract to build two blocks of apartments in Genting Highlands

KUALA LUMPUR (March 3): ACE Market-listed Kanger International Bhd's wholly owned unit has bagged a contract to build two blocks of serviced apartments totalling RM478 million in Genting Highlands.

Its subsidiary Kanger Ventures Sdn Bhd, which has entered into a collaboration agreement with Vegetta Champion Sdn Bhd, will be responsible for the entire project management, financial and entire administration of this development.

Meanwhile, Vegetta Champion has been appointed the main contractor for foundation and main building works of the development, according to a statement yesterday.

The project is expected to commence in June 2021 and will take approximately 48 months to be completed.

On top of this project, Kanger previously bagged multiple construction projects with a total contract value of RM495.9 million on Jan 15, which brought its total construction order book to RM973.9 million for the group's construction division.

"We are pleased to work with Vegetta Champion and clinch yet another construction contract in Malaysia. The order book will boost our construction division and enhance our revenue and earnings over the next few years," said Kanger's executive director Steven Kuah Choon Ching.

"Looking ahead, we continue to look for business opportunities especially in the construction sector to keep up the positive momentum," he added.

Kanger's shares dropped 0.5 sen to 10.5 sen yesterday, valuing it at RM242.67 million.

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