Malton bags RM208 mil contract to build Royale Pavilion Hotel

KUALA LUMPUR (May 18): Property developer Malton Bhd announced that its wholly-owned unit Domain Resources Sdn Bhd has received a letter of award for a RM208 million worth of contract from Harmoni Perkasa Sdn Bhd to build one block of Royale Pavilion Hotel, which is located along Jalan Bukit Bukit Bintang and Jalan Raja Chulan.

In a filing with Bursa Malaysia this evening, Malton said Harmoni Perkasa is a wholly-owned unit of Urusharta Cemerlang Sdn Bhd, in which its chairman Tan Sri Desmond Lim Siew Choon is an indirect substantial shareholder.

“A contract to finalise the scope and value of the construction works will be entered into between Domain Resources and Harmoni Perkasa in due course,” Malton said in a filing.

Lim holds a 37.06% stake in Malton through Malton Corp Sdn Bhd. He also has a 28.08% stake in Pavilion Real Estate Investment Trust, which owns and runs Pavilion mall.

Malton share price gained 0.55% at 91.5 sen today, with 665,400 shares traded, giving it a market capitalisation of RM403.57 million.