KUALA LUMPUR (Jan 13): Takaso Resources Bhd has bagged a RM37.44 million-contract to construct a commercial buildings along Jalan Kuching here.
Takaso secured the contract via its wholly-owned subsidiary Takaso Land Sdn Bhd, from OCR Land Holdings Bhd on Jan 12, it told Bursa Malaysia in a filing today.
The contract is to construct and complete the mechanical and electronic works, as well as architect, structure and civil works of a 21 storey commercial building.
The development comprises a one-storey basement carpark, six units of shop lots on ground floor and six units of shop lots on first floor, seven storeys of carpark (from second floor to eighth floor), one storey for facility and food court at ninth floor, and eleven storeys of office lots with an aggregate of 286 units (from tenth to twentieth floor).
Takaso, which also manufactures babycare accessories, medical contraceptive condoms and toys, said the Letter of Award is deemed as a related party transaction. OCR Land is a substantial shareholder of Takaso.
The project is expected to be completed by fourth quarter of 2016, being 22 months from the date of commencement.
Takaso has proposed to diversify into property development, from its current core business, which is manufacturing of rubber products and baby products.
The company had on Nov 24, 2014, acquired a two ringgit company named Takaso Land, from Ang Yen Chui and Saw Wai Lun. The acquisition was for the group to venture into construction activities.
Shares of Takaso (Fundamental score 1.25, Valuation score 0.3) closed half a sen lower at 53 sen, giving it a market capitalisation of RM105.97 million.
(Note: The Edge Research's Fundamental Score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. A score of 0 means weak fundamentals and a score of 3 means strong fundamentals. Meanwhile, the Valuation Score determines if a stock is attractively valued or not, calculated based on historical numbers. A score of 0 means valuations are not attractive, while a score of 3 means valuations are attractive.)