Crest Builder unit gets RM438.29 mil construction job from Sime Darby

KUALA LUMPUR (June 14): Crest Builder Holdings Bhd’s unit Crest Builder Sdn Bhd has clinched a construction contract from Sime Darby Bhd’s unit Sime Darby Melawati Development Sdn Bhd worth RM438.29 milllion.

In a filing with Bursa Malaysia yesterday, Crest Builder said the contract is for Sime Darby Melawati’s mixed-use development in Setapak here.

The building construction specialist said the contract includes the construction of two 37-storey serviced apartment towers, a six-storey podium car park with a recreational floor, four commercial levels, one sub-basement car park level and one power processing unit.

The contract will kick off on June 21 and be completed by Jan 11, 2019, and is expected to contribute positively to the Crest Builder group’s earnings from the financial year ending Dec 31, 2016.

Shares in Crest Builder rose two sen or 2.09% to close at 97.5 sen yesterday, with a market value of RM164.76 million.

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This article first appeared in The Edge Financial Daily, on June 14, 2016. Subscribe to The Edge Financial Daily here.