KUALA LUMPUR: Pasdec Holdings Bhd’s wholly owned subsidiary, Pasdec Bina Sdn Bhd, has received a letter of award for the construction of a nine-storey private specialist hospital in Kuantan, Pahang for a contract sum of RM57.95 million.

This contract was awarded to Pasdec Bina by Pahang Specialist Hospital Sdn Bhd (PSH), an associate company of Pasdec Holdings and a subsidiary of KPJ Healthcare Bhd.  

In a filing with Bursa Malaysia, Pasdec Holdings said the construction is estimated to be completed in October 2014.

It said Pasdec Bina had taken possession of the site on April 30.

“The contract is expected to contribute positively to the earnings and net assets of Pasdec Holdings for the financial years during the contract period,” it added.

Pasdec had announced on May 3 the completion of the disposal of a 3.12-acre leasehold land to PSH for a consideration of RM3.76 million.

The company’s share price has increased some 22% from 27 sen on May 3 to close at 33 sen yesterday.

Pasdec has managed to bounce back into the black for the financial year 2012 (FY12), registering a net profit of RM8.76 million as compared to the net loss of RM4.79 million a year ago.

Revenue for the FY12 increased to RM149 million, up 53% from RM97.26 million in the previous year on the back of increased contribution from its property division and manufacturing activities in South Africa.

The company expects to launch several development projects valued at RM116.1 million this year. It also has ongoing projects worth RM179 million.


This article first appeared in The Edge Financial Daily, on May 14, 2013.