Fajarbaru clinches RM125m mixed development construction job

• The construction outfit said its wholly-owned unit Fajarbaru Builder Sdn Bhd had accepted the award from Penang Development Corp for Phase 4 of a 25-phase proposed mixed development.

KUALA LUMPUR (April 7): Fajarbaru Builder Group Bhd has secured a RM125.3 million construction contract for a mixed development project in Penang.

In a bourse filing on Friday (April 7), the construction outfit said its wholly-owned unit Fajarbaru Builder Sdn Bhd had accepted the award from Penang Development Corp for Phase 4 of a 25-phase proposed mixed development.

Phase 4 of the development involves a 12-storey low-cost apartment block comprising 149 units, a 14-storey medium-cost apartment (149 units), a 19-storey medium-cost apartment block (222 units), five units of shoplots, and a two-storey car park.

The tenure of the contract is three years, commencing from June 15, 2023 to June 14, 2026.

Fajarbaru’s largest shareholder is Tan Sri Ta Kin Yan with an 11.77% stake, followed by the group's deputy chairman Tan Sri Kuan Peng Ching @ Kuan Peng Soon who directly holds a 7.88% stake, with another 2.11% owned via Unique Bay Sdn Bhd.

Shares in Fajarbaru finished unchanged at 28.5 sen on Friday, giving the group a market capitalisation of RM212.24 million.