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Bina Puri bags RM252m sub-contract works for Gemas-JB double track project

KUALA LUMPUR (Jan 22): Bina Puri Holdings Bhd's joint venture (JV) with Tim Sekata Sdn Bhd has bagged a RM251.53 million contract to undertake sub-contract works for the electrified double track project from Gemas to Johor Bahru.

Bina Puri group executive director Datuk Matthew Tee said the group's unbuilt book order stands at RM1.145 billion with the latest award.

"We anticipate this year to be a challenging year for the construction and property sectors and hopes that the roll out of projects as announced in the budget can be expedited," it added.

In a filing with Bursa Malaysia today, Bina Puri said its indirect wholly-owned subsidiary Bina Puri Builder Sdn Bhd has accepted the letter of award from Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd on Jan 15, 2019 for the proposed job.

Under the project, an unincorporated JV called Bina Puri-Tim Sekata JV will undertake and complete the sub-contract works, which are expected to be completed by April 30, 2020.

"The scope of works includes earthworks for track diversion, building platform and track embankment, ground treatment, surcharging, sand blanket, sub-ballast, retaining structure, trackside drainage, track culvert and river protection.

"The project is expected to contribute positively to the net assets and earnings of Bina Puri Group for the financial year ending Dec 31, 2019," Bina Puri said.

Bina Puri shares closed unchanged at 28 sen today, valuing it at RM106.75 million. The counter saw 10.97 million shares traded. — theedgemarkets.com

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