Eversendai bags two contracts worth RM272m for structural steel works

KUALA LUMPUR (Jan 17): Eversendai Corp Bhd, through its wholly-owned subsidiary Eversendai Engineering LLC Dubai (EVS DUBAI), has bagged two contracts worth RM272 million for the structural steel works for One Za'abeel mix-used development and the Address Tower Residence IL Primo luxury high end residential tower.

In a filing with Bursa Malaysia, Eversendai said the One Za'abeel contract was awarded by Dubai’s ALEC Engineering and Contracting LLC, while the IL Primo Address Tower contract was awarded by Turkey’s TAV Construction.

The company said the contacts are expected to be completed in 2020.

Additionally, the contracts are expected to contribute positively towards the company’s earnings and net assets per share for the financial year ending Dec 31, 2018 (FY18) onwards, until expiry of the contracts.

At 2.04pm, shares in Eversendai were down 1.5 sen or 1.79% to 82.5 sen, with 1.16 million shares traded for a market capitalisation of RM648.23 million. Over the past 12 months, the stock surged 33.06% from 62 sen. — theedgemarkets.com

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