KUALA LUMPUR (May 9: Inta Bina Group Bhd has bagged a contract to build two blocks of serviced apartments from Southville City Sdn Bhd for RM178.2 million.
Its wholly-owned unit Inta Bina Sdn Bhd accepted the letter of award on Monday, the group said in a filing yesterday.
One block comprises 329 units of serviced apartments and 148 units of affordable serviced apartments, whereas the other block holds 488 units of serviced apartments.
Inta Bina said the completion period for Phase 1 and Phase 2 of the project will be 30 and 31 months respectively from the date of commencement.
Barring any unforeseen circumstances, the group expects the contract to contribute positively towards the future earnings of Inta Bina for the duration of the contract.
The contract will also not have any effect on the share capital and substantial shareholders' shareholdings of Inta Bina.
Inta Bina's share price closed 0.5 sen or 1.69% lower at 29 sen yesterday, valuing the group at RM155.23 million.