KUALA LUMPUR (April 14): Piling and foundation services provider Ikhmas Jaya Bhd has bagged a sub-contract worth RM33.81 million for a residential development project in Shah Alam.

The group said its wholly-owned unit Ikhmas Jaya Sdn Bhd received a letter of intent from Jack-(In) Pile (M) Sdn Bhd to undertake piling and substructure works for the project.

In a filing with Bursa Malaysia, Ikhmas Jaya said the 15-storey project, undertaken by Pantai Berkat Sdn Bhd, consists of 658 small-office home-office (SoHo) units and five shoplots.

The contract work is for a period of 12 months from the date of commencement which is tentatively fixed on April 15, the group said, adding that none of its directors or major shareholders has any direct or indirect interest in the project.

Year-to-date, Ikhmas Jaya has secured total contracts worth RM85.4 million.

Its shares closed 0.5 sen or 0.81% higher at 62 sen today, giving it a market capitalisation of RM322.4 million. — theedgemarkets.com

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