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Kimlun bags RM164m building job in Medini Iskandar

KUALA LUMPUR (Oct 30): Kimlun Corp Bhd has bagged a RM164 million contract from Sunway Iskandar Sdn Bhd to build commercial and apartment blocks in Medini Iskandar, Johor.

In a filing with Bursa Malaysia today, Kimlun said its wholly-owned subsidiary Kimlun Sdn Bhd was awarded the contract for the main building works for a commercial building and a block of apartments at Medini Iskandar.

The construction work is expected to be completed by end of June 2021.

Kimlun said the project is expected to contribute positively to the group's earnings and net assets for the financial years during the contract period.

Medini Iskandar is an urban township in Johor with mixed components of residential, commercial, public facilities, infrastructure, and green areas. Sunway Iskandar is one of the township's project developers, according to Medini's website.

Shares in Kimlun closed unchanged at RM1.15 today, with 552,000 shares crossed, bringing a market capitalisation of RM381.65 million. The stock has lost about 46% of its value from RM2.13 on Dec 29, 2017.

— theedgemarkets.com

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