Daya Materials bags RM224 mil contract from Aspen Group

KUALA LUMPUR (Sept 23): Daya Materials Bhd’s engineering and construction unit has bagged a RM224 million contract to build retail facilities for Aspen Vision City Sdn Bhd in Batu Kawan, Penang.

Aspen Vision City is a joint venture between Penang-based property player Aspen Group and Ikano Group, the operator of Swedish furniture store Ikea in Singapore, Thailand and Malaysia.

The development in Batu Kawan will boast the first Ikea store in Penang and the northern region.

In a bourse filing yesterday, Daya Materials said the contract will last for 17 months and is expected to contribute positively to the earnings and net assets of the group during the contract period.

Daya Materials shares closed unchanged at 6.5 sen yesterday, with a market capitalisation of RM120.45 million.

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This article first appeared in The Edge Financial Daily, on Sept 23, 2016. Subscribe to The Edge Financial Daily here.