MGB bags RM443m contract to develop affordable homes in Selangor

KUALA LUMPUR (Feb 17): MGB Bhd has bagged a RM442.81 million contract to construct affordable home projects in Dengkil and Ijok in Selangor.  

In a bourse filing, the group said its wholly-owned subsidiary MGB Construction & Engineering Sdn Bhd was awarded the contract by Seloka Sinaran Sdn Bhd (SSSB) and Kemudi Ehsan Sdn Bhd (KESB).  

Both SSEB and KESB are subsidiaries of LBS Bina Group Bhd. LBS also owns the majority of MGB shares.

MGB said the projects entail the construction of two blocks of Rumah Selangorku Idaman MBI in Dengkil and Ijok.

Work will commence on March 1 and is expected to be completed on July 31, 2023. 

With the contract in hand, the group’s outstanding order book is RM2.18 billion, MGB said.  

The group said it has also secured a project management contract from SSSB and KESB worth RM58 million.

The group said the contracts are expected to contribute positively to its earnings and net assets.

Shares of MGB fell 1.5 sen or 1.55% to 95 sen today, valuing the construction group at RM477 million. 

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