KUALA LUMPUR (May 4): Kimlun Corp Bhd has won a construction contract worth RM165.82 million to build affordable apartments in Selangor.
In a bourse filing yesterday, the construction outfit said its wholly-owned subsidiary — Kimlun Sdn Bhd — had accepted the letter of award from Hillcrest Gardens Sdn Bhd for the construction of five blocks of Rumah Selangorku affordable apartments in Mukim Petaling, Selangor.
The job is expected to be completed by April 2019.
Kimlun said the project is expected to contribute positively to its earnings and net assets for the financial years during the contracted period.
According to Hillcrest Gardens’ website, its core business activity is property development, and its principal shareholders are the Armed Forces Fund Board and the Kuok Group.
Kimlun Corp fell three sen or 1.7% to RM1.73 yesterday, giving it a market capitalisation of RM519.94 million.
This article first appeared in The Edge Financial Daily, on May 4, 2016. Subscribe to The Edge Financial Daily here.