TCS awarded RM255m mixed-use development construction job

KUALA LUMPUR (March 2): Construction firm TCS Group Holdings Bhd has bagged a RM255 million contract from Remedy Power Sdn Bhd to construct the foundation and main building works of a mixed-use development project in Taman Desa, Kuala Lumpur.

In a bourse filing on Wednesday (March 2), TCS said its wholly-owned subsidiary TCS Construction Sdn Bhd accepted the letter of award from Remedy on Tuesday.

The foundation and main building works of the development pertain to Phase 1 of the project — 25-storeys of office space, podium parking and facilities — as well as a ground floor lobby and nine-storey underground parking.

“The completion time for the contract shall be 30 months commencing in April 2022 and [is] expected to be complete in September 2024.

“TCS intends to fund the contract via internally generated funds and/or borrowings,” it added.

TCS noted that the contract is expected to contribute positively to its future earnings and net assets for the duration of the contract.

At the noon break on Wednesday, TCS shares were down half a sen or 1.52% at 32.5 sen, giving it a market capitalisation of RM126.75 million.

Edited by Joyce Goh. 

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