Ikhmas Jaya bags 2 construction jobs worth RM258m

KUALA LUMPUR (April 10): Ikhmas Jaya Group Bhd announced yesterday it has secured two construction projects with a combined value of RM257.72 million.

In a bourse filing, the group said its wholly-owned Ikhmas Jaya Sdn Bhd has been appointed as turnkey contractor by Naluri Rezeki Sdn Bhd for the upgrading work at Kajang Hospital, Selangor, at a contract value of RM198.98 million.

Under the contract, Ikhmas Jaya will design, construct, test, commission, maintain and complete the upgrading of the hospital within 36 months, on a design-and-build basis.

Separately, the group said its subsidiary had, last Thursday, secured a construction contract from Putrajaya Ventures Sdn Bhd, worth RM58.75 million.

The 18-month contract, dubbed Package 1, includes the demolition of an existing three-storey office building with two basement levels, and a two-storey bungalow on Lot 155, Jalan Ampang, Kuala Lumpur.

Ikhmas Jaya will then construct and complete the substructure works comprising two basement car park levels, as well as, partially, the first floor and associated works there.

Ikhmas Jaya said both projects are expected to contribute positively to its earnings and net assets for the financial year ending Dec 31, 2018.

Its shares rose half a sen or 1.45% to close at 35 sen yesterday in thin trades, giving a market capitalisation of RM190.87 million. But year to date, the stock has fallen near 38%, from 56 sen.

This article first appeared in The Edge Financial Daily, on April 10, 2018.

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