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TCS bags RM126m contract to build condo in related party transaction

KUALA LUMPUR (Dec 2): TCS Group Holdings Bhd has won a RM126 million contract from Saujana Permai Development Sdn Bhd to build a condominium project in Bandar Saujana Putra.

The project known as Arcadia comprises two 21-storey blocks, with 315 units each, together with retail lots, the group said in a bourse filing.

The completion time for the work is 40 months from January 2022.

The contract is deemed a related party transaction as TCS managing director Datuk Tee Chai Seng and executive director Datin Koh Ah Nee hold major stakes in TCS and Saujana Permai Development.

Shares of TCS settled unchanged at 40.5 sen, giving the group a market capitalisation of RM155.82 million.

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