Vestland wins two construction contracts worth RM200 mil

• The group said the first contract worth of RM125 million involves building, mechanical and electrical works for 27 units of shop offices, 384 units of townhouses and one unit of electrical substation in Cameron Highlands.
• The second contract worth RM75 million involves the main building works for a block of 39-storey service apartments in Kepong Baru, Kuala Lumpur.

KUALA LUMPUR (Feb 16): Recently-listed Vestland Bhd has bagged two construction contracts worth a combined RM200 million from subsidiaries of Tafi Industries Bhd.

The group said the first contract worth of RM125 million involves building, mechanical and electrical works for 27 units of shop offices, 384 units of townhouses and one unit of electrical substation in Cameron Highlands.

The second contract worth RM75 million involves the main building works for a block of 39-storey service apartments in Kepong Baru, Kuala Lumpur.

The first contract was awarded by Tafi Development Sdn Bhd and the second by Tafi Home & Office Sdn Bhd, Vestland said in a bourse filing.

The construction group said the two 30-month contracts are expected to contribute positively towards its earnings and net assets for the duration of the contracts.

Vestland’s shares price closed up two sen or 5% at 42 sen on Thursday, which is higher than the group’s initial public offering price of 33 sen. The group debuted on the ACE-Market of Bursa Malaysia on Jan 31.

At 42 sen, Vestland’s market capitalisation stands at RM397 million.