MGB bags RM47m contract to build houses in Puchong

• The contract was awarded by Blee & W Architects Sdn Bhd, on behalf of Astana Modal (M) Sdn Bhd, which in turn is a subsidiary of LBS Bina Group Bhd.

KUALA LUMPUR (March 16): MGB Bhd has bagged a RM46.8 million contract to build 155 double-storey terrace houses at the D’Island Residence township in Puchong.

"With the contract in hand, the group’s current outstanding order book is approximately RM1.88 billion," MGB said in a Bursa Malaysia filing.

The contract was awarded by Blee & W Architects Sdn Bhd, on behalf of Astana Modal (M) Sdn Bhd, which in turn is a subsidiary of LBS Bina Group Bhd.

LBS Bina is a major shareholder of MGB, with a 58.65% stake in the group, and Datuk Wira Lim Hock Guan is group managing director of both LBS Bina and MGB.

MGB said it expects to complete the project by June 21, 2024.

Shares in MGB closed 0.5 sen or 0.84% higher at 60 sen on Thursday (March 16), giving the group a market capitalisation of RM355 million.

LBS Bina settled unchanged at 39.5 sen, valuing the group at RM620 million.