TXCD lands RM75.9 mil Sepang contract after ending Mateen deal

• The new job follows the termination of a RM75.67 million LOA awarded by Mateen Group in June last year. TXCD said the termination, which took effect on Sept 23, was requested by Mateen after Golden Chain was appointed the project’s new developer. The company said that the decision was not due to any fault or delay on its part.

PETALING JAYA (Sept 24): TXCD Bhd’s wholly-owned unit Ageson Kensetsu Sdn Bhd has secured a new RM75.86 million construction contract in Sepang after ending an earlier agreement with Mateen Group Sdn Bhd, according to its exchange filing yesterday.

The company, formerly known as Ageson Bhd, said the letter of award (LOA) from Golden Chain Development Sdn Bhd covers piling and building works for a serviced residence and small office/home office (SOHO) project at Kampung Limau Manis, Dengkil a Malay reserve area near Putrajaya.

The new job follows the termination of a RM75.67 million LOA awarded by Mateen Group in June last year. TXCD said the termination, which took effect on Sept 23, was requested by Mateen after Golden Chain was appointed the project’s new developer. The company said that the decision was not due to any fault or delay on its part.

Both TXCD and Mateen agreed to settle outstanding payments and deliverables as at the termination date, with a final account to be prepared within seven days. The earlier contract also covered the same scope of works and project site.

Under the new LOA, Ageson Kensetsu will provide labour, materials, tools, equipment and machinery for the construction and completion of the project. The fixed-price contract is expected to run for 30 months once building plan approval is obtained.

TXCD said the new contract is expected to contribute positively to its future earnings and net assets, given that the contract sum is slightly higher than the previous deal. It also added that the termination does not breach any provisions of the earlier LOA.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.