KUALA LUMPUR: Sunway Creative Stones Sdn Bhd (Abu Dhabi Branch), a 70% owned subsidiary of Sunway Construction Sdn Bhd, which in turn is a wholly-owned subsidiary of Sunway Holdings Bhd has accepted a letter of award for a sub-contract worth AED74.5 million (about RM65.69 million) on May 13.

Sunway Holdings in a listing on Bursa Malaysia on May 17 said the sub-contract was from Silver Coast – Sunway Innopave Joint Venture for the supply, delivery and installation of stones and tiling works for the proposed Arzanah Development, in Sector W-57, Abu Dhabi, United Arab Emirates (Rihan Heights Phase 1A – Plot H).

The proposed project is targeted to be fully completed on March 31, 2011. It is expected to contribute positively to the earnings of the Group for the financial year ending Dec 31, 2010 onwards.

”The project is subject to certain risks in the property and construction sector in Abu Dhabi. These include changes in general economic conditions such as but not limited to inflation, foreign exchange, interest rates, constraints in labour and material supply, changes in business and operating conditions such as but not limited to government and statutory regulations, and deterioration in prevailing market conditions which may delay the completion of the proposed project. However, with the past experience and expertise of the Group in construction projects globally, these risks could be mitigated,” said Sunway Holdings.


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