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Taisei-Sunway JV bags RM139.83m warehouse construction job

Taisei-Sunway JV bags RM139.83m warehouse construction job

Tue, 14 Nov 2017
6:45 pm

KUALA LUMPUR (Nov 14): Sunway Construction Group Bhd (SunCon) said its joint venture (JV) with Taisei Corp of Japan has bagged a RM139.83 million contract from Nippon Express (Malaysia) Sdn Bhd to build a new warehouse in Shah Alam, Selangor.

With the latest project, SunCon’s outstanding order book amounts to RM6.8 billion.

In a filing with Bursa Malaysia today, SunCon said Taisei-Sunway JV has accepted the letter of acceptance from Nippon Express for the proposed project.

Upon award of the project, Taisei and SunCon, via its subsidiary Sunway Construction Sdn Bhd, will enter into a detailed JV agreement, with both companies holding equal stakes in the venture.

Taisei will be the lead partner for the project, the filing added.

"The project is for a period of approximately 22 months and is expected to be completed by third quarter of 2019. The project is expected to contribute positively to the earnings of SunCon Group from the financial year ending Dec 31, 2018 onwards," SunCon said.

SunCon shares closed up one sen or 0.42% at RM2.38 today, with 644,200 shares done, bringing its market capitalisation to RM3 billion. — theedgemarkets.com

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