Loh & Loh to be delisted

Javace Sdn Bhd, which has made a mandatory take-over offer to acquire all shares in Loh & Loh Corp Bhd, has received valid acceptances resulting in it and the parties acting in concert holding 65.84 million shares in Loh & Loh. This represents 96.82% of the issued and paid-up capital of the company, Loh & Loh told Bursa Malaysia yesterday.
The offerors do not intend to maintain the listing status of Loh & Loh in the event it holds 90% or more of the issued and paid-up share capital.
Hence the shares of the company will be suspended from trading on Nov 8, and its listing status will be withdrawn from the official list of Bursa Malaysia.

FAJARBARU BUILDER GROUP BHD

LETTER OF ACCEPTANCE

Fajarbaru Builder Sdn. Bhd. (“FBSB”) has on 21 October 2010 received a Letter of Acceptance dated 19 October 2010 from East Coast Economic Region Development Council (”ECERDC”) in respect of the contract for “Proposed Construction and Completion of Earthworks and Infrastructure works for Pasir Mas Halal park Phase 1 in Lot PT9942 in Gual Tambun, Mukim Apam, Daerah Gual Periok, Jajahan Pasir Mas, Kelantan Darul Naim” (“the Contract”) with total contract value of RM36,469,937.81.

WCT BERHAD

CONSTRUCTION, COMPLETION AND MAINTENANCE OF A GOVERNMENTAL ADMINISTRATIVE BUILDING IN DOHA, QATAR

WCT Berhad (“WCT” or “the Company”) wishes to announce that the Company has on 20 October 2010 received and accepted a contract (“Contract”) awarded by the Government of the State of Qatar (“the Employer”) for the Construction, Completion and Maintenance of a Governmental Administrative Building in Doha, Qatar (“the Works”) for a lump sum amount of QR1,590,750,000/= (Qatari Riyal One Billion Five Hundred and Ninety Million Seven Hundred and Fifty Thousand Only) or equivalent to approximately RM1.36 Billion.

WCT BERHAD

Design, Construction, Completion, Equipping, Commissioning and Maintenance of Tuaran Hospital, Sabah, Malaysia

WCT Berhad (“WCT” or “the Company”) wishes to announce that the Company has on 20th October 2010, received and accepted an award (“Award”) issued by Jabatan Kerja Raya Malaysia (“Employer”) for the Design, Construction, Completion, Equipping, Commissioning and Maintenance of the Tuaran Hospital in Sabah, Malaysia (“the Works”).

The contract sum is RM127,800,000/= (Ringgit One Hundred and Twenty Seven Million Eight Hundred Thousand Only) and the Works are expected to be completed on 1st May 2013.

BINA PURI HOLDINGS BHD

Cadangan Membina Dan Menyiapkan 3 Block Pangsapuri Di Atas Sebahagian Lot 41396, Hulu Kinta, Daerah Kinta, Ipoh, Perak Darul Ridzuan Untuk Tetuan The Haven Sdn. Bhd.

Bina Puri Holdings Bhd. (“BPHB”) has signed the letter of acceptance from Superboom (Perak) Sdn. Bhd. on 19 October 2010 to undertake the project known as “Cadangan Membina Dan Menyiapkan 3 Block Pangsapuri Di Atas Sebahagian Lot 41396, Hulu Kinta, Daerah Kinta, Ipoh, Perak Darul Ridzuan Untuk Tetuan The Haven Sdn. Bhd.” for the contract sum of RM82.32 million. BPHB will form a joint venture with Beijing Construction Engineering (M) Sdn. Bhd., a wholly-owned subsidiary of China’s largest building contractor, Beijing Construction Engineering Group (“BCEG”) to build its flagship condominium, The Haven, in Ipoh. The project is targeted for completion in 2013. With the award, the Group’s current book order stands at RM2.67 billion as at to date. The Group had managed to secure new projects worth RM1.72 billion in 2010.

WCT BERHAD

Award of Build-Operate-Transfer (“BOT”) Concession by Malaysia Airports Holdings Berhad - Integrated Complex at the New Low Cost Carrier Terminal at Kuala Lumpur International Airport, Sepang, Selangor, Malaysia The Board of Directors of WCT Berhad (“WCT” or “the Company”) wishes to announce that the Company has on 7th October 2010 accepted the award of a BOT Concession by Malaysia Airports Holdings Berhad (“MAHB”) vide a Letter of Acceptance to undertake the Privatisation of the Development of an Integrated Complex and All Associated Works at the New Low Cost Carrier Terminal (KLIA2) (“Integrated Complex”) at the Kuala Lumpur International Airport (KLIA), Sepang, Selangor, Malaysia, on a Build-Operate-Transfer Model for a Concession Period of up to twenty-five (25) Years (“Concession”). Upon its expiry, the Concession Period may be extended for a further ten (10) years subject to the terms and conditions to be mutually agreed by WCT and MAHB.Pursuant to the Letter of Acceptance, WCT and MAHB will jointly undertake the Concession via a special purpose vehicle (“SPV”) subject to the execution of the Concession Agreement upon such further terms and conditions to be mutually agreed upon. WCT’s and MAHB’s equity interest in the SPV shall be in the proportion of 70% and 30% respectively.

AHMAD ZAKI RESOURCES BERHAD

PROPOSED DEVELOPMENT OF INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIA TEACHING HOSPITAL IN KUANTAN, PAHANG THROUGH PRIVATE FINANCE INITIATIVE

Ahmad Zaki Resources Berhad ("AZRB" or "the Company") had, on 29 September 2010, received a letter from the Public Private Partnership Unit ("3PU") of the Prime Minister's Department, which informed AZRB of the Government of Malaysia's ("the Government") decision to award the proposed development of the International Islamic University Malaysia Teaching Hospital Project in Kuantan, Pahang ("the Project") to AZRB subject to further negotiations on the Concession Agreement ("CA") to be entered into with the Government.The Project details, including its value and concession period, will be disclosed and announced upon the formal finalisation of the CA.

FAJARBARU BUILDER GROUP BHD

LETTER OF ACCEPTANCE

Fajarbaru Builder Sdn. Bhd. (“FBSB”) has on 30 September 2010 received a Letter of Acceptance dated 29 September 2010 from East Coast Economic Region Development Council ("ECERDC") in respect of the contract for “The construction and completion of Package 1 (110 acres) earthworks and infrastructure works for the development of Phase 2, Automotive Industrial Park, Pekan-Peramu, Pahang Darul Makmur” (“the Contract”) with total contract value of RM62,377,107.94.

BINA PURI HOLDINGS BHD

Package 4: Contract for Construction & Completion of the Proposed 13-storey Plaza Merdeka Commercial Complex/Hotel at Pearl Street, Kuching

Bina Puri Construction Sdn. Bhd., a wholly-owned subsidiary of Bina Puri Holdings Bhd. has accepted the letter of award from Rakyat Elite Sdn. Bhd. on 7 September 2010 for the project known as “Package 4: Contract for Construction & Completion of the Proposed 13-storey Plaza Merdeka Commercial Complex/Hotel at Pearl Street, Kuching for a contract sum of RM95,698,644.62. The project is expected to be completed within nineteen months.With the award, the Group’s current book order stands at RM2.57 billion as at to date. The Group had managed to secure new projects worth RM1.62 billion in 2010.

LOH & LOH CORPORATION BERHAD

Loh & Loh Constructions Sdn. Bhd.- Sinohydro Corporation Limited Joint Venture ("the Contractor") had on 8 September 2010 received the Letter of Acceptance from Tenaga Nasional Berhad for the Hulu Terengganu Hydroelectric Project Lot CW2 – Main Civil and Associated Works ("the Project") for a contract amount of RM828,333,760.42 (Ringgit Malaysia: Eight Hundred Twenty-Eight Million Three Hundred Thirty-Three Thousand Seven Hundred Sixty and Sen Forty-Two only).The Commencement Date of the Project shall be within 130 days after the receipt of the Letter of Acceptance by the Contractor. The period for completion of the Project is 1,674 days from the Commencement Date.

George Kent consortium bags RM130m deal

George Kent (M) Bhd and a consortium partner have secured a RM129.8mil contract to construct and complete 160-million-litres-per-day (MLD) water treatment plant in Kuantan, Pahang.
The contract was awarded by the East Coast Economic Region Development Council in an open tender, the company told Bursa Malaysia yesterday.
The project is expected to be completed on Aug 12, 2013 and will contribute positively to the earnings of George Kent, a company largely involved in water metre manufacturing and construction, it said.
Shares in the company finished 4 sen up to RM1.36 yesterday.

BINA PURI HOLDINGS BHD

Works Package: TB01 – Design, Construction, Completion, Testing and Commissioning and Maintenance of Main Terminal Building, Satellite Building, Sky Bridge and Piers for Proposed Development of New LCC Terminal and Associated Works at KL International Airport, Sepang, Selangor
YB Senator Tan Sri Datuk Tee Hock Seng, JP, Group Managing Director of Bina Puri Holdings Bhd., would like to announce on behalf of the Board that we have accepted the letter of award in the name of UEMC – Bina Puri J.V. from Malaysia Airports Holdings Berhad on 16 July 2010 for the project known as “Works Package: TB01 – Design, Construction, Completion, Testing and Commissioning and Maintenance of Main Terminal Building, Satellite Building, Sky Bridge and Piers for Proposed Development of New LCC Terminal and Associated Works at KL International Airport, Sepang, Selangor” for a contract sum of RM997,227,000. With the award, the Group’s current book order stands at RM2.7 billion as at to date. The project is expected to be completed within twenty months. The total value of contracts secured in 2010 for Bina Puri Group is RM1.51 billion.

BINA PURI HOLDINGS BHD

Cadangan 12 blok kediaman dan 1 plot komersil di atas lot 62529, 62530 dan 62531, Mukim Bandar Sri Damansara, Daerah Petaling, Selangor Darul Ehsan for Sri Damansara Sdn. Bhd. - Proposed earthworks, retaining walls and ancillary works (Phase 1 development)

Bina Puri Holdings Bhd. has accepted the letter of award from Zaidun-Leeng Sdn. Bhd. on 12 July 2010 for the proposed earthworks, retaining walls and ancillary works (Phase 1 development)for the project known as “Cadangan 12 blok kediaman dan 1 plot komersil di atas lot 62529, 62530 dan 62531, Mukim Bandar Sri Damansara, Daerah Petaling, Selangor Darul Ehsan for Sri Damansara Sdn. Bhd.” for a contract sum of RM5.83 million. With the award, the Group’s current book order stands at RM1.70 billion as at to date. The completion period shall be six months. The Group had managed to secure new projects of up to RM508.81 million in 2010.

RM4b projects seen in Penang

The Penang Master Builders and Building Materials Dealers Association (PMBBMDA) expects the value of construction contracts in Penang this year to be slightly over RM4bil, which is the same as last year, but below the RM5bil forecast in 2009.
PMBBMDA president Vincent Ong said this was due to the global uncertainties and the pending gradual removal of subsidies, which would hike construction costs and lower demand.
“Nevertheless for the first quarter 2010, the value of 38 contracts from both the government and private sectors in Penang hit RM206mil, compared with about RM45mil achieved in the previous corresponding quarter, according to the Construction Industry Development Board (CIDB) report,” he told StarBiz.
“Of the 38 contracts, 10 were from the government sector. This compared with 11 contracts in the first quarter last year, of which three were government jobs.”
He said the association hoped to get more contracts from the state and federal governments for projects such as the expansion of the Penang International Airport, the second bridge and the Mengkuang Dam expansion.
“A lot of the government and private contracts that our members are handling now were approved before 2010.
“We hope this year there will be more fresh projects. If not, there may not be sufficient work to go around,” he said.
Last year, there were a total of 88 contracts, with an estimated value of RM638mil.
Meanwhile, PMBBMDA immediate past president Finn Choong said there would be over RM350mil worth of renovation jobs available for the association’s 117 members from now till March next year.
The renovation jobs are from projects such as the phase three of Setia Pearl Island and The Looc Residence, which recently obtained a certificate of fitness, Prestige Heights, the Moonlight Bay, Suria, Pavillion, Summer Place and Platino, which will be ready for renovation before year-end, and the Residence@Southbay, which will be ready in the first quarter 2011.
“The total sales value of these projects is about RM1.32bil.
“These properties will easily generate about RM350mil worth of renovation jobs, as it is normal for the owner of a unit to spend 25% to 30% of the property’s value on renovation,” Choong said.
Real Estate Housing Estate Developers’ Association Penang chairman Datuk Jerry Chan said the pending removal of subsidy sales would spur the sales of properties.
“This is natural as people want to grab properties with prices as they are today before an increase after the subsidies are removed,” he said.

Cost of rail projects may top RM50bil

The figure is inclusive of LRT extension and proposed MRT
PETALING JAYA: The total bill for rail-based public transport improvements in the Klang Valley, including the ambitious mass rapid transit (MRT), could top RM50bil, reliable sources said.
The RM50bil is inclusive of the confirmed RM7bil light rail transit (LRT) extension projects. The other RM43bil is for the recently proposed MRT project.
Sources said that of the RM43bil, RM36bil was for the construction (including tunnelling works) and design of the MRT, RM2bil for land acquisition, RM3bil for rolling stock and RM2bil for developing an underground commercial space.
Rolling stock comprises all the vehicles that move on a railway.
Gamuda Bhd and MMC Corp Bhd presented a joint MRT proposal to the Government in January.
“The proposal now is at the National Economic Action Council level and is expected to be presented to the Cabinet in two to three weeks.
“The MRT proposal network has three major lines or routes from Damansara to Serdang and Kepong to Cheras – where both lines will converge in the middle of the city centre.
“Additionally, there will also be a crucial line that will tie up all the network connectivity circling the city centre,” the sources told StarBiz.
City centre covers important areas such as Kuala Lumpur City Centre, Platinum Felda, Pasar Rakyat and Raja Chulan.
The sources said Kuala Lumpur was lagging behind in terms of rail benchmarking compared with its regional counterparts such as Singapore, Hong Kong and Japan.
“Kuala Lumpur’s rail network is only 15km per one million population, while most other cities are over 40km per one million people.
“Thus, we need another 150km to be at par with the other cities and this is where the proposed MRT system will come in.
“The proposal also indicates the MRT system would result in a three-fold increase in rail network and a five-fold increase in ridership in line with the public transport target of 40% by 2020 from 18% in 2009,” the sources said.
This will translate to two million trips per day in 2020 using the rail network from 400,000 trips per day currently.
During the 10th Malaysia Plan period, the Government will improve the liveability of cities and has identified major initiatives under the national key result areas, particularly to address crime and improve public transportation in urban areas.
The Greater KL has been identified as a new key economic area and initiatives are under way, including the proposed MRT system, to transform it into a leading global city.

Sunway explores RM250m JV development in Colombo

SUNWAY HOLDINGS BHD is planning a joint venture (JV) with Dasa Tourist Complex (Private) Ltd to develop a 34-storey building on a parcel of freehold land in Colombo city, Sri Lanka, with an estimated gross development value of US$78 million (RM254.8 million).In a statement on Thursday, June 17, Sunway said it had on the same day entered into a memorandum of understanding with Dasa Tourist to explore the possibility of forming the JV for the proposed development. The development will comprise 71 commercial units and 176 residential units.It said it would be located in the premium mixed-use zone of Bambalapitiya in Colombo 4 and had the potential to generate a total sellable area of 400,000 square feet.Sunway said Dasa Tourist, a company incorporated in Sri Lanka, was in the manufacturing of textile and garment.Under the MoU, Sunway shall undertake feasibility studies and market research to ascertain the viability of the proposed development within two months."The overseas market is a major source of revenue for Sunway. The MoU will give Sunway the opportunity to explore the feasibility of expanding its property development business in Sri Lanka by developing a parcel of land in an attractive location," it said.Citing the IMF World Economic Outlook April 2010, it said Sri Lanka was now enjoying its "peace dividend" with the economy expected to grow by 5.5% and 6.5% in 2010 and 2011 respectively, following the defeat of the Liberation Tigers of Tamil Eelam in May 2009.

IJM wins RM350mil second Penang bridge job

IJM Corp Bhd unit IJM Construction Sdn Bhd has secured a RM349.98mil job from Jambatan Kedua Sdn Bhd (JKSB) for the construction of the second Penang bridge.
The contract includes Package 3B: Batu Kawan Expressway which involves the construction of a 5.7km dual two-lane carriageway with a cloverleaf interchange and four bridges.
IJM told Bursa Malaysia that the construction period was 31 months from the date of site possession on June 28.
JKSB is a unit of the Minister of Finance, Inc.
The estimated cost of RM4.5bil may be revised downward due to competitive pricing, according to a recent news report.
The 24km second bridge will link Batu Kawan in Seberang Perai to Batu Maung on Penang island.

BINA PURI - Cadangan Merekabentuk, Membina, Menyiapkan dan Mentauliah Pembangunan Kampus UITM Kampong Pinang Di atas Sebahagian Lot 6204, Blok 1, Sama

Bina Puri Construction Sdn. Bhd., a wholly-owned subsidiary of Bina Puri Holdings Bhd. has accepted the letter of award from Rekajaya Projek Sdn. Bhd. on 10 March 2010 for the project known as “Cadangan Merekabentuk, Membina, Menyiapkan dan Mentauliah Pembangunan Kampus UITM Kampong Pinang Di atas Sebahagian Lot 6204, Blok 1, Samarahan Land District, Kota Samarahan, Sarawak” for a contract sum of RM306.9 million. With the award, the Group’s current book order stands at RM1.916 billion as at to date. The project is expected to be completed within thirty months.The contract is expected to contribute positively to the earnings of Bina Puri Group for the financial year ending 31 December 2010.

Sunway unit gets RM65.69m UAE job

Sunway Holdings Bhd's unit, Sunway Creative Stones Sdn Bhd, (Abu Dhabi Branch) has accepted a letter of award for a sub-contract worth RM65.69 million, said Sunway Holdings.The contract is from Silver Coast–Sunway Innopave Joint Venture for the supply, delivery and installation of stones and tiling work for the proposed Arzanah Development, Sector W-57, Abu Dhabi, United Arab Emirates (UAE).Sunway Creative has been instructed to commence preparatory works on April 1, 2010 for the proposed project pending the formalisation of the letter of award from Silver Coast – Sunway Innopave Joint Venture, it said in a filing to Bursa Malaysia today. The project is targeted for completion on March 31, 2011 and is expected to contribute positively to group earnings for the financial year ending December 31, 2010 onwards.

Sunway unit gets RM88m Bandar Sunway job

Sunway Holdings Bhd's unit, Sunway Geotechnics (M) Sdn Bhd, has accepted the letter of award for a contract worth RM88 million from Sunway City Bhd.Sunway Holdings said in a filing to Bursa Malaysia today, that the contract is for the proposed earthworks, piling and sub-structure works for the construction of one block of 24-storey office tower and six-storey basement car park for phase three on part of Lot 42, Bandar Sunway.The project is targeted to be fully completed on Nov 14, 2011 with a construction period of 18 months.It is expected to contribute positively to the earnings of the group for the financial year ending Dec 31, 2010 onwards.

Mudajaya earnings soar

Mudajaya Group Bhd's net profit increased by 258.9% to RM50.6mil in the first quarter ended March 31.
This was achieved on a 90.9% jump in revenue to RM239.3mil.
Mudajaya told Bursa Malaysia yesterday the improved performance was due to more activities carried out in the quarter.
The company expects its results to improve further in the coming quarters.
It has declared a first interim dividend of 5% or one sen per ordinary share of 20 sen each under the single-tier system for the financial year ending Dec 31.

WCT aims to secure RM2bil order book this year

WCT Bhd is targeting an order book of RM2bil this year in addition to its existing order book of about RM3.2bil, which will be a combination of local and overseas contracts.
Deputy managing director Goh Chin Liong said the company was bidding for contracts that are worth between RM7bil and RM8bil currently, which included the construction of bridges, government offices and highways in the Middle East.
“Locally, we are bidding for light rail transit projects. We are looking for some projects in Brunei as well,” he told a press conference after the company AGM yesterday.
He added that its current order book of RM3.2bil could last for the next two years.
According to its annual report, the company's construction team had last year secured new contracts in the Middle East and Malaysia that totalled RM3.4bil with WTC's portion amounting to RM2.7bil.
Chairman Datuk Capt Ahmad Sufian said the business environment was still challenging and it wished to achieve a better performance than previously.
Goh said the company was cautiously optimistic on the market performance this year but it was expected to do better than last year in general, barring unforeseen circumstances.
On the arbitration process in Dubai against Meydan LLC, Ahmad said the process, which had been conducting for about a year, was still on-going.
“We are trying to recover whatever we think that are entitled to us, one of them being the performance bond,” Goh said.
Performance bond is a bond that is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract.
The company announced in January last year that its joint venture (JV) with Arabtec Construction LLC had been given cancellation notice by Meydan LLC relating to the construction of the Nad Al Sheba Dubai Racecourse worth about RM4.6bil.
Subsequent to the cancellation, Meydan had called on the performance bond and advance payment bond provided by the JV.
WTC and Arabtec Construction had then instituted a civil suit and initiated the arbitration process in Dubai against Meydan for breach of contract and to enforce the JV's rights and remedies, including the recovery of all amounts due under the contract as well as damages.

Iskandar to announce RM250m construction packages soon

Iskandar Investment Bhd (IIB) will be awarding six construction packages with a total value of RM250mil to successful bidders by the end of the month.
President and chief executive officer Arlida Ariff said the packages were mostly for the actual construction work on the buildings related to the IIB strategic projects in Nusajaya, including work on facilities for the University of Newcastle Medicine Malaysia Campus (NUMed) in EduCity, the Marlborough College in International Resort and the Legoland Theme Park in Medini.
“Our planned catalytic projects within the Nusajaya development zone are progressing well and ready for completion as scheduled,” Arlida told StarBiz.
Nusajaya, spanning 9,307.76ha, is one of the five flagship development zones in Iskandar Malaysia. The others are the JB City Centre, Western Gate Development, Eastern Gate Development and Senai-Kulai.
Arlida said the RM300mil NUMed campus on a 5.26ha site in the 123.42ha EduCity was scheduled for completion in May 2011, and the Marlborough College should open in September 2012.
She said Asia's first RM700mil Legoland Theme Park would be the centrepiece of the 230.67ha Medini North, which was expected to open in April 2012, a year earlier than planned.
Work on the infrastructure facilities in Medini, a mixed urban development zone spanning 930.77ha in Nusajaya, was already 46% completed, she said, adding: “Some RM4.2bil has been allocated for the infrastructure inclusive of roads, drainage, earthworks, retention ponds, flood mitigation and telecommunication.”
She said earthworks for Legoland were under way while work on the buildings and attractions in the theme park would start in the third quarter of the year.
The development of projects in Medini is undertaken in partnership between the private and public sectors.
The key investors include IIB, Mubadala Development Co, Aldar Properties, Kuwait Finance House and Millennium Development International.
The overall development of Medini is divided into four distinct zones with separate themes - the Lifestyle and Leisure North, the Financial District, the Medini Central and Lifestyle and Leisure South.
Arlida said IIB and the Iskandar Regional Development Authority were accountable for the success of Iskandar as they were answerable not only to Johoreans but also all Malaysians, as the growth corridor would benefit the whole country.
IIB is backed by Khazanah Nasional Bhd, which holds 60% equity, while the Employees Provident Fund and government-linked company Kumpulan Prasarana Rakyat Johor Sdn Bhd each has 20% equity.

IJM unit bags RM247m Sarawak road contracts

IJM Construction Sdn Bhd has secured a RM246.7mil contract for two of the five packages of the 62.3km access road to the proposed Murum hydroelectric dam in Sarawak Corridor of Renewable Energy (SCORE).
Two other packages were awarded to Loh & Loh Construction Sdn Bhd (RM99.3mil) and Pekerjaan Piasau Konkerit Sdn Bhd (RM116.3mil). The fifth package will be dished out soon.
Sarawak Infrastructure Development and Communications Minister Datuk Seri Michael Manyin said the entire project would cost RM645mil and involve the construction of 13 reinforced concrete bridges.
“The four packages awarded will be completed in 24 to 27 months,’’ he told reporters after the contract signing ceremony here yesterday.
Manyin said due to the 13 bridges and difficult terrain, it would cost about RM10mil to construct every 1km of the accesss road.

IJM’s contract involves the upgrading of existing 20km logging road, construction of 11km new road and five bridges.
Meanwhile, Loh & Loh and Pekerjaan Piasau will each build 11km new road and two bridges.
Under the fifth package, the remaining 9km new road and three bridges will be constructed.
The access road will be ready by mid-2012, ahead of the scheduled completion of the 944MW Murum dam in 2013. The dam will supply power to energy-intensive industries in Samalaju Industrial Park within SCORE.
Manyin said the awarding of the projects marked the start of major infrastructure work in SCORE, adding that the Economic Planning Unit had approved road projects worth RM4bil for the corridor.
These include RM1bil for a 136km new road from Sangan in Tatau to Kapit and RM1bil for an access road to the proposed Baram hydro dam in northern Sarawak.
“These road projects will be a big boost to Sarawak economy. The spillover effects will be enormous,’’ added Manyin.

Bina Puri bids for RM4bil jobs

Construction company Bina Puri Holdings Bhd has tendered for projects worth RM4bil locally and abroad, group managing director Tan Sri Tee Hock Seng said.
Tee said part of the jobs tendered for were in Saudi Arabia and worth about RM1bil. “Saudi Arabia is a new market for the group,” he said after Bina Puri’s AGM yesterday.
Tee said the projects in Saudi Arabia were in the public and private sectors involving infrastructure and building.
He said Bina Puri hoped to receive a letter of award from Malaysia Airports Holdings Bhd this month for the RM2bil low-cost carrier terminal project in Sepang.

Crest Builder JV gets RM284.89m job for UiTM Tapah campus

CREST BUILDER HOLDINGS BHD's joint venture company has secured a RM284.89 million 23-year concession agreement with the Ministry of Education and Universiti Teknoloi Mara (UiTM) to build and maintain a new UiTM campus in Tapah, Perak. Crest Builder said on Tuesday, May 4 the JV, Unitapah Sdn Bhd, will see its unit Crest Builder Sdn Bhd and Detik Utuh Sdn Bhd holding 51:49 equity participation. The memorandum of understanding was signed on Jan 21, 2009 for the JV to submit a joint proposal for the concession. Crest Builder said the UiTM Tapah campus will span about 77,833 sq metre covering three faculties. Total cost for the CONSTRUCTION was RM284.89 million. Unitapah would secure the project financing for the construction.

Sunrise wins best residential awards in AsiaPac Property competition

Two luxurious condominiums under construction by Sunrise Bhd have won best residential awards in the Asia Pacific Property Awards 2009 competition.

Sunrise said on April 29 that 10 Mont’Kiara won in the category for “Best High Rise Architecture in Malaysia” and 11 Mont’Kiara for “Best High Rise Development in Malaysia”.
The Asia Pacific Property Awards were established in 2008 and were selected by independent judges selected by the International Property Awards organisers.
Twenty-one countries in the Asia Pacific zone took part in the coveted property awards this year which was sponsored by CNBC Arabia Television.

The luxurious bungalow-in-the-sky twin-tower 10 Mont’Kiara boasts 332 lavish units with sizes ranging from 3,478 sq ft to 4,090 sq ft and sprawling penthouse units of 7,500 sq ft.
The iconic Green Mark-rated 11 Mont’Kiara presents five uniquely patterned curvilinear towers with a total of 339 units each enjoying a grand 270º view. With two private abodes per floor, unit sizes start from 2,700 sq ft with a choice of eight unique designs.Limited units in both condominiums, located next to each other at Jalan Kiara 1, are available for sale.

Ireka confident 'Tiffani by i-Zen' will be sold out by year-end

Ireka Development Management Sdn Bhd, the property management arm of Ireka Corp Bhd is confident of selling all 399 units of luxury condominiums in "Tiffani by i-Zen", Mont Kiara, by the end of this year.Tiffani by i-Zen was developed by London-listed Aseana PROPERTIES Ltd, which undertakes property development activities in Malaysia and Vietnam. Aseana is an associated company of Ireka Corp.Aseana has appointed Ireka Development Management to be its exclusive development manager for Tiffani by i-Zen, which comprises 399 units of luxury condominiums designed in a variety of sizes from 815 square feet to 8,011 square feet penthouse.According to Ireka Development Management chief operating officer Lim Ech Chan, about 90% of the units have been taken up at the moment."There is always demand for properties in Mont Kiara because this area is well-established, with a large community spread here. Properties in Mont Kiara are good for both staying and investment purposes," Lim told reporters in a briefing here on Wednesday, April 21.Ascott Ltd, the international service residence owner-operator, has secured a two-year management contract to service 147 corporate leasing units in Tiffani by i-Zen. At the moment, 30 units have been handed over to Ascott's management."From January till now, about 70% of the 30 units were taken up mostly by foreigners from America, Japan as well as South Korea," said Ascott's country general manager Tony Ho.Each of the 147 units of fully-furnished apartments in Tiffani by i-Zen — including double- and triple-bedroom units — is fully fitted with air conditioners, wardrobes and water heaters.Among the other amenities in Tiffani by i-Zen are a "sky infinity pool", as well as game courts for tennis, squash and basketball.Meanwhile, Lim said Ireka Development Management will launch a RM1.2 billion project called Seni Mont Kiara next year. "The project is still under CONSTRUCTION at the moment and there will be 605 units of luxury residences there," he added.

IJM - Letters of Acceptance of Tender for Murum Access Road, Sarawak (Packages A1 & B2)

IJM Construction Sdn Bhd, a wholly-owned subsidiary of the Company, has received two (2) Letters of Acceptance of Tender, both dated 30 March 2010, from the Jabatan Kerja Raya, Sarawak for “Projek Jalan Akses Ke Empangan Murum, Bahagian Kapit, Sarawak (Seksyen A Pakej 1) (“Package A1”) dan (Seksyen B Pakej 2) (“Package B2”)” at a total contract sum of RM246.7 million. Package A1 involves earthwork, construction of three (3) minor bridges, culverts, drains and pavement works for 20km of road at a contract sum of RM125.2 million. Package B2 involves earthwork, rock excavation, construction of two (2) minor bridges, culverts, drains and pavement works for 10.5km of road at a contract sum of RM121.5 million. The construction period for both Packages is 24 months.

BINA PURI HOLDINGS BHD

Design and build for a warehouse involving works for foundation, RC & steel structure, architectural, M&E and associated external works for the Siam Ice Co. Ltd. cold room facility at Rayong, Thailand

Bina Puri (Thailand) Ltd., incorporated in Thailand and a member of Bina Puri Holdings Bhd. has received a letter of award in the name of “Bina Puri-Dimara JV” from Melewar Integrated Engineering Sdn. Bhd. on 15 March 2010 for the design and build for a warehouse involving works for foundation, RC & steel structure, architectural, M&E and associated external works for the Siam Ice Co. Ltd. cold room facility at Rayong, Thailand for a contract sum of Baht62.80 million (approximately RM6.3 million). With the award, the Group’s current book order stands at RM1.80 billion as at 28 February 2010. The contract is expected to contribute positively to the earnings of Bina Puri Group for the financial year ending 31 December 2010.

Ireka Corp unit wins RM36.24mil contract

Ireka Corp Bhd’s wholly-owned unit, Ireka Engineering & Construction Sdn Bhd, has secured a RM36.24mil contract to build an interchange for the proposed Bandar Indahpura, Kulai-Second Link Expressway in Iskandar Malaysia.
It told Bursa Malaysia today that the contract was awarded by Iskandar Regional Development Authority.
“The contract period shall be 18 months from the date of handover of site and completion is expected to be in October 2011,” the company said.

LOH & LOH CORPORATION BERHAD

The Board of Directors of LLCB would like to inform that Sinohydro Corporation Limited - Loh & Loh Constructions Sdn. Bhd. Joint Venture has on 22 March 2010 accepted the terms of the Letter of Intent dated 17 March 2010 from Tenaga Nasional Berhad on the contract for "LOT CW2: MAIN CIVIL AND ASSOCIATED WORKS FOR THE HULU TERENGGANU HYDROELECTRIC PROJECT" ("the Project") for a contract sum of RM828,333,760.42 (Ringgit Malaysia: Eight Hundred Twenty-Eight Million Three Hundred Thirty-Three Thousand Seven Hundred Sixty and Sen Forty-Two only).

The time for completion for the Project shall be fifty-six (56) months with a defect notification period of twelve (12) months. Sinohydro Corporation Limited - Loh & Loh Constructions Sdn. Bhd. Joint Venture is an unincorporated joint venture between Sinohydro Corporation Limited and Loh & Loh Constructions Sdn. Bhd., a wholly-owned subsidirary of LLCB in the proportion of 40% and 60% respectively, to undertake the Project.

IJM unit wins RM600mil job

IJM Corp Bhd’s wholly owned subsidiary Road Builder (M) Sdn Bhd has received a letter of award from another subsidiary, Besraya (M) Sdn Bhd, to extend the Besraya Highway for a fixed sum of RM600mil.
The construction period for the project, known as Sungai Besi highway link, was 36 months, the company told Bursa Malaysia yesterday.

Gadang makes cash call, to raise at least RM25m

Gadang Holdings Bhd plans to raise a minimum of RM25 million via a proposed renounceable two-call rights issue of up to 78.68 million new shares at an indicative issue price of RM1 per share on the basis of two rights shares for every three existing shares.The rights issue will come with up to 19.67 million free detachable warrants on the basis of one warrant for every four rights shares subscribed on an entitlement date that would be determined later. As at Jan 29, 2010, Gadang had a paid-up capital of RM118.02 million comprising 118.02 million RM1 shares.In a statement yesterday, Gadang said the proceeds would be used for its working capital requirements. CIMB Investment Bank Bhd has been appointed as the adviser to the exercise.The company said the indicative issue price of RM1 would be payable in two calls, with the indicative first call price of 65 sen payable on application, while the second call of 35 sen would be capitalised from its share premium and retained profits accounts. It expects to complete the exercise in the second quarter.Gadang said the final issue and first call prices would be determined after it had obtained the shareholders’ approval, taking into consideration the theoretical ex-rights price based on the five-day volume weighted average market price of its shares prior to the price-fixing date and the adequacy of reserves for capitalisation. If fully taken up by all its shareholders, Gadang could raise as much as RM51.1 million. It is noteworthy that there is no underwriter for this exercise. Gadang’s controlling shareholder, managing director and CEO Tan Sri Kok Onn and parties acting-in-concert with him are seeking a waiver from making a mandatory general offer upon completion of the rights issue.Gadang said to meet the minimum subscription, it would procure an irrevocable written undertakings from Kok, Sumber Raswira Sdn Bhd and Meloria Sdn Bhd to subscribe for their respective entitlements and also to apply for a certain portion of the rights shares not taken up by others. As at Jan 29, 2010, the three parties collectively hold 32.69% or 38.58 million shares in Gadang. Kok and his spouse Chan Ngan Thai, who is also Gadang director, collectively control a 32.69% stake in Gadang. Once the rights issue was completed, and assuming other shareholders did not take up the right, the husband and wife duo could end up with 49.25% of the company. Upon conversion of their warrants, their shareholding could be nudged up to 52.18%. For its six months ended Nov 30, 2009, Gadang posted a net profit of RM7.4 million on the back of RM120.8 million in revenue, while earnings per share stood at 6.2 sen.Gadang’s shares hit its 52-week high of RM1.48 on Jan 13 this year, but has since tapered off, and closed at RM1.02 yesterday.

FAJARBARU BUILDER GROUP BHD - LETTER OF ACCEPTANCE

The Board of Directors of Fajarbaru Builder Group Bhd wishes to announce that a wholly owned subsidiary of the Company, Fajarbaru Builder Sdn. Bhd. has on 10 February 2010 received the Letter of Acceptance dated 9 February 2010 from Blue Archipelago Berhad in respect of the tender on “Package BA/WP3 Earth Works, Civil and Infrastructure Works for Cadangan Fasa 1 Ladang Akuakultur Ternakan Udang Bersepadu Di Mukim Chaluk, Daerah Setiu, Terengganu Darul Iman” .
The total contract value for the Project is RM69,888,643.28 (Ringgit Malaysia Sixty Nine Million Eight Hundred Eighty Eight Thousand Six Hundred Forty Three and Cents Twenty Eight) only.
The Commencement Date of the works is 22/02/2010 and the Contract Period is 12 (twelve) months.

Acceptance of Letter of Award for the Supply, Deliver and Renewal of CA GEN Software, Access Gen (TSO) and Composer Report for the Mainframe System fo

HeiTech Padu Berhad (“HeiTech” or “the Company”) is pleased to announce that the Company has received a Letter of Award from the Government of Malaysia for the Supply, Deliver and Renewal of CA GEN Software, Access Gen (TSO) and Composer Report for the Mainframe System for Lembaga Hasil Dalam Negeri Malaysia ("LHDNM"). The Contract value of the Project is RM8,786,110-00 (Ringgit Malaysia Eight Million Seven Hundred Eighty Six Thousand One Hundred Ten) only. The Contract is for a period of Three (3) years.

Award of Contract - Bahrain City Centre Hotels Fit Out Works

Reference is made to the announcement dated 23 August 2007 in relation to the issuance of the Letter of Intent from MAF Investments Bahrain BSC (C) ("MAF” or “the Employer”) to the Company’s 50%-owned company, Cebarco-WCT W.L.L. (“CWCT”), for an initial value of BD27,000,000/= (Bahraini Dinar Twenty Seven Million Only) or equivalent to approximately RM246 million (Ringgit Two Hundred and Forty Six Million Only) ) and that the final sum shall be determined upon finalization of all matters relating to the specification of the works involved and agreement of subcontract values.

WCT Berhad is pleased to announce that CWCT has on 8 February 2010 received the duly executed contract dated 4 February 2010 (“Contract”) from the Employer for the execution and completion of the Works for a total lump sum amount of BD51,178,133/= (Bahraini Dinar Fifty One Million One Hundred and Seventy Eight Thousand One Hundred and Thirty Three Only) or equivalent to approximately RM467 million (Ringgit Four Hundred and Sixty Seven Million Only).The date of full completion and handover of the Works is 16th December 2010.

LCL says US-based theme contractor potential investor

LCL CORPORATION BHD, whose fortunes have been battered following its over exposure to the Dubai property market, has identified US-based KHS&S as a potential investor to regularise its financial condition.LCL, an interior out-fit company, said KHS&S is one of the leading theme contractors in the US and has built major theme parks in the world. They include Disney Land, Disney World, Universal Studio, Red Rock Casino, Sea World and the Las Vegas MGM Casino. "LCL will discuss, deliberate and outline the regularisation plan with the representatives from KHS&S on the details of LCL’s regularisation plan. LCL will make the necessary announcements to Bursa Securities accordingly in due course," it said on Friday, Jan 29. It said KHS&S has expanded to the Middle East, China and Eastern Asia. It has 11 major offices in the USA and its regional offices include Macau, Hong Kong, Kuala Lumpur, Bangkok and Singapore. KHS&S had completed over 3,000 projects worldwide and their profile can be found at www.khss.comMeanwhile, LCL also said its subsidiary, Authentique Gallery (M) Sdn Bhd, had on Jan 29 received notices of demand from Messrs Iza Ng Yeoh & Kit on behalf of PUBLIC BANK BHD for arrears amounting to RM1 million.LCL's subsidiary LCL Furniture Sdn Bhd is also in arrears amounting to RM114.58 million owing to Affin Bank Bhd, Bank Islam Malaysia Bhd, The Royal Bank of Scotland Bhd and AmBank (M) Bhd.

Jetson, China company in JV for construction project bid

KUMPULAN JETSON BHD has inked an MoU with China State CONSTRUCTION Engineering (Hong Kong) Ltd (CSCHK) to look into the possibility of tendering for a construction project along Jalan Stonor, Kuala Lumpur.It said on Friday, Jan 29 the project involves two blocks of office building, 50 stories and 38 stories each, and a 10 storey podium block for Naza TTDI Sdn Bhd."The award of the project could be by way of tender or direct negotiation depending on the employer (Naza TTDI)," it said.Under the JV, Kumpulan Jetson will hold a 60% stake and CSCHK the remaining 40%.

Gadang’s 2Q net up 88% to RM3.5m

GADANG HOLDINGS BHD’s (GHB) net profit surged 88% to RM3.52 million in its second quarter ended Nov 30, 2009 from RM1.87 million a year earlier mainly due to lower cost.Revenue fell 6.9% to RM62.37 million from RM66.98 million, while basic earnings per share (EPS) rose to 2.98 sen from 1.59 sen. No dividend was declared.For six months to Nov 30, 2009, net profit rose 67% to RM7.37 million from RM4.42 million a year earlier mainly due to improved gross profit margins in the CONSTRUCTION division and cost savings. Revenue growth was relatively flat at RM120.78 million versus RM119.94 million previously.

CIMB Research positive on construction, building materials

CIMB Equities Research expects CONSTRUCTION sector growth and fundamentals for the building materials sector to stay positive in 2010 and beyond.
It said on Thursday, Jan 28 the growth should be sustainable given the implementation of larger government and private sector jobs this year, and increased construction on the property side.
The tabling of the 10th Malaysia Plan (10MP) in June 2010 should provide more visibility on infrastructure and construction spending beyond 2010.
CIMB Research said although the outlook for building materials appears positive, we continue to rate the building materials sector a NEUTRAL, it believed the earlier positive newsflow on stimulus packages and the potential pick-up in construction activities have already been priced in.
The pricing in has been for the biggest player in its coverage, Lafarge Malayan Cement. Ann Joo remains its top pick in the building materials sector.
“However, for exposure to pump-priming, we prefer direct exposure to the contractors,” it said.
CIMB Research said demand for Ann Joo’s products will pick up and possibly even gain momentum in 2H. Its target price remains at RM3.55, still pegged to 12.8 times P/E, a 15% discount to our target market P/E of 15 times.
It is Neutral on Lafarge as the share price has already priced in the positive newsflow on construction activities and stimulus packages. It retains its target price of RM6.96, which it will continue to base on a blend of its target market P/E of 15 times and a P/BV of 1.1 times.
“We maintain our Outperform rating (Tasek Corporation) in view of the potential strong pick-up in construction activities in 2010. With a cash hoard of RM332 million as at September 2009, it is in an excellent position to capitalise on M&A opportunities in the region.
“Our target price remains at RM5, still based on a blend of 12 times P/E and 0.8 times P/BV. These target valuations are a discount to Lafarge’s 15 times target P/E and 1.1 P/BV. Potential re-rating catalysts include stronger demand from pump-priming which could boost sales and selling prices,” it said.

Sunrise-Sime JV makes good business sense

While SUNRISE BHD's recent decision to venture out of its property development forte in the upmarket Mont'Kiara enclave came as a surprise to analysts, the move has received the thumbs-up from them.This is by virtue of Sunrise's good business sense and also in anticipation of less geographical concentration risk amid more business opportunities ahead for the upmarket real estate developer as it expands its operations.On Tuesday, Sunrise and Sime Darby Property Bhd formed a collaboration to jointly undertake a RM1 billion freehold mixed development on 20.95 acres (8.48ha) of land within the Bukit Jelutong enclave in the Klang Valley.Their 50:50 JV company Baywood Avenue Sdn Bhd has acquired the development sites for RM114.08 million or RM125 per sq ft (psf) from the Sime Darby group. Accordingly, Sunrise's share of the purchase price amounts to RM57.04 million.In a note to clients, ECM Libra Investment Research said the JV in Bukit Jelutong made good business sense because there was no major high-rise residential and commercial development there yet.It said the JV allowed Sunrise to replicate its success in developing Mont'Kiara in another prime location. "We believe there is a captive market for the product offerings proposed by the JV," ECM Libra Research said.It said the RM1 billion gross development value (GDV) for the mixed project was deemed a conservative estimate considering that the intended 2.7 million sq ft of built-up area translated into a selling price of RM370 psf. This is lower than Sime Darby's commercial project which commands between RM270 psf and RM1,025 psf.Based on the initial GDV and assuming a net margin of 18%, Sunrise's share of net earnings will be RM90 million over the development period, according to ECM Libra.As Sunrise's revenue, beginning financial year ending June 30, 2011 (FY11), will be recognised only upon completion of the PROPERTIES, instead of via the progress billing method practised currently, ECM Libra foresees that earnings contribution from this new project will start only in FY14.The new revenue-recognition method is based on the International Financial Reporting Interpretation Committee's Interpretation 15 (IFRIC 15) policy which takes effect from July 1.The planned project comprises retail entities, shop offices, office suites and serviced apartments.It will be developed in five phases from 2011 onwards, and is due for completion in seven years from the launch of the first phase.Meanwhile, RHB Research Institute analyst Low Yee Huap said the collaboration had come as a surprise as Sunrise had in the past expressed its preference for a healthier balance sheet and emphasis on its current landbank within Mont'Kiara."We are neutral on this JV as the purchase price of RM125 psf is on par with the asking prices of about RM80 to RM150 psf around that area."However, this JV would allow Sunrise to diversify its landbank (hence, reduce concentration risk) as well as pave the way for future collaboration between Sunrise and Sime Darby Property," Low said.Assuming a profit margin of 30% and development period of seven years, Low said RHB's earnings estimates for Sunrise in FY12 would potentially increase by 1%.OSK Research Sdn Bhd analyst Mervin Chow Yan Hoong said Sunrise's portion, amounting to RM57.04 million of the purchase price for the land, was fair as it accounted for 11.4% of the developer's 50% share of the estimated GDV of RM1 billion for the upcoming project."The alliance, we reckon, is a strategic one as this will enable Sunrise to venture out of its traditional foothold in Mont'Kiara's real estate while Sime Darby will be able to leverage on the former's expertise in developing integrated high-end commercial and residential properties," Chow said.Maybank Investment Bank Research analyst Ong Chee Ting said valuation for Sunrise shares was undemanding and it was the cheapest property stock under its coverage with nearly two-year earnings' visibility.The stock, which trades at a price-to-earnings ratio of 6.8 times FY11 earnings and three quarters (0.75 times) of its revised net asset value (RNAV), is deemed to be under-appreciated."We are positive on this latest development as it paves the way for future collaboration between Sunrise and Sime Darby Property, which has 14,800ha of landbank in the country."Assuming a 20% pre-tax margin, the project will add RM10 million in annual net profits (two sen earnings per share) over a seven-year period, and 11 sen to our RNAV estimate," Ong said. The research house reiterated its buy call with a RM2.86 target price for Sunrise shares.RHB, meanwhile, retained its fair value of RM2.64 and outperform call for the stock while OSK maintained its target price of RM2.29 and neutral recommendation.All three research houses maintained their earnings forecast for Sunrise, pending further clarification from the developer.ECM Libra reiterated its buy on Sunrise and maintained its target price of RM3.30, pending an analysts' briefing today and migration to RNAV valuation method due to earnings volatility from the introduction of IFRIC 15."Sunrise is significantly undervalued and we believe recent positive news flow on new projects and better-than-expected sales in MK 28 (28 @ Mont'Kiara) will narrow the valuation gap," the research house said.

Gadang to buy Sg Besi land for RM33m

GADANG HOLDINGS BHD has proposed to acquire a leasehold parcel of residential land off the Sungai Besi Highway in Sungai Besi here for RM33 million or RM62 per sq foot.In a statement today, Gadang said its sub-subsidiary Natural Domain Sdn Bhd had inked a sale and purchase agreement (SPA) with the vendor, GSS PROPERTIES Sdn Bhd, to acquire the land measuring about 49,377.47 square metres (531,494.15 sq ft).It proposed to undertake a residential development there in the future.

Sime Darby, Sunrise to develop RM1b project

The tie-up to develop a RM1 billion integrated commercial project in the Bukit Jelutong township means that both companies can take advantage of each other's strengths
Sime Darby Property Bhd (Sime Property) is partnering Sunrise Bhd to develop a RM1 billion integrated commercial project in the Bukit Jelutong township in Selangor next year.It is the first tie-up between Sime Property and Sunrise. Sime Property is known for its landed properties, while Sunrise is well known for its high-end projects in Mont'Kiara, Kuala Lumpur.The deal means that both companies can take advantage of each other's strengths, Sime Property managing director Datuk Tunku Putra Badlishah Tunku Annuar said."We are always looking at ways to accelerate the land development with reputable and like-minded developers like Sunrise. This partnership will further enhance the value of properties at the township," he said after signing the joint-venture agreement in Bukit Jelutong, Shah Alam, yesterday. Sime Property has 14,800ha in Greater Klang Valley.
The two firms will have equal stakes in the joint-venture company, Baywood Avenue Sdn Bhd. They plan to build retail, shop-offices, office-suites and serviced apartments on some 8.4ha.The project, located opposite Sime Darby Pavilion, will be developed in five phases over seven years, beginning next year.The joint venture will buy the land from a subsidiary of Sime Property for RM118.1 million, or RM125 per sq ft.Sunrise executive chairman Datuk Tong Kooi Ong said the vision is to develop sustainable, or green, properties that will appreciate in value.Sime Property and Sunrise may even do more projects together."We have completed the first part of the marriage today. This means, going forward, things will be easier for us as we have already built a base here. If the project goes well and the chemistry is there, the joint venture could be extended," Tunku Putra Badlishah said.It is learnt that Sunrise may want to partner Sime Property to develop pockets of land along the Guthrie Corridor Expressway.Tunku Putra Badlishah also said that the project will be the first of many joint ventures Sime Property will be forming with reputable developers. It is already in talks with several other developers and may ink a second deal soon.

HOCK SENG LEE BERHAD

The Board of Directors of Hock Seng Lee Berhad (“HSL”) is pleased to announce that HSL has received the letter of acceptance of tender on 21 January 2010 from Jabatan Kerja Raya, Sarawak, for the Construction and Completion of Proposed Lubok Antu/Lemanak/Engkari Road (Package B), Sri Aman Division (Phase III – From Ng. Kesit to Ng. Gugu) (“the Project”). The contract sum for the Project is Ringgit Malaysia Thirty Five Million Seven Hundred Ninety Eight Thousand and One Hundred only (RM35,798,100.00).The scope of works includes earthworks, drainage, flexible pavement and bridges. The works of the Project will be due to be completed by February 2011.The contract is expected to contribute positively to the earnings and net assets of HSL Group for the financial years ending 2010 to 2011. None of the directors and/or major shareholders of HSL or persons connected to them have any interest, direct or indirect, in the above contract.

SAPURACREST PETROLEUM BERHAD

Notice of Award to Offshore International FZC for Transportation and Installation of Platform Jackets in Mumbai High North Field

The Board of Directors of SapuraCrest Petroleum Berhad (“SapuraCrest”) is pleased to announce that Offshore International FZC (“OIFZC”) has received a Notice of Award (“NOA”) from Larsen & Toubro Limited (“L&T”) for the provision of works and services for the transportation and installation of four platform jackets in the Mumbai High North Field, offshore Mumbai (“Works”).Commencement of the Works is expected to be in November 2010, with completion taking place in January 2011. The price for the Works is approximately USD 65 million.OIFZC is a joint venture company between L&T and SapuraCrest. L&T and SapuraCrest indirectly hold 60% and 40% respectively of the shareholding in OIFZC. The NOA will have no effect on the issued and paid-up capital of SapuraCrest and is expected to contribute positively to the Group's earnings and net tangible assets for the financial year ending 31 January 2011.None of the Directors or Substantial Shareholders of SapuraCrest or persons connected with them has any direct or indirect interest in the NOA.

Fajarbaru eyeing Klang Valley land for property venture

Construction outfit, Fajarbaru Builder Group Bhd, is looking to acquire landbank in the Klang Valley towards venturing into the property development business, besides bidding for larger and more sophisticated construction projects.
Its managing director and CEO Datuk Low Keng Kok said these were part of a two-pronged strategy the company had in place after the completion of its capital-raising exercise through a private placement at the end of last year.
“We are now in talks with several parties for land within the Klang Valley for housing project development, as the area is still the magnet for natural migration that will create demand for housing,” he told The Edge Financial Daily.
At the moment, the group has an 80ha land in Port Dickson, Negri Sembilan. While work has yet to commence, Fajarbaru plans to use the land for medium- to high-end property development.
Fajarbaru in October last year announced the completion of its private placement exercise with the listing of 14.1 million new shares that were issued at RM1.13 each.
With the completion of the private placement exercise, Fajarbaru has a total of 164.34 million
shares outstanding, while free float stands at 52.72% or 86.64 million shares, according to Bloomberg data.
In terms of construction jobs, Low said the group had submitted bids for the RM2 billion new low-cost carrier terminal (LCCT) near the Kuala Lumpur International Airport. Fajarbaru’s order book balance stood at RM505 million as at end-March 2009.
The group has vast airport-related experience, having previously been awarded a RM124 million contract for the expansion of the current LCCT in Sepang in 2008. The contract was a follow-up job from its previous RM108 million contact for the LCCT in May 2005, which was the group’s first major project.
Since then, Fajarbaru has secured at least two key construction contracts worth a total of RM440 million in the financial year ended June 30, 2008 (FY08), including a RM316 million subcontract for the Seremban-Gemas electrified double-tracking project from India’s Ircon International, the main contractor for the southern stretch.
For FY09, Fajarbaru recorded a net profit of RM18.12 million, up 32.7% from 13.65 million in the previous year, while revenue rose 110.7% to RM184.6 million from RM87.61 million.

The stock rose four sen or 3.64% to RM1.14, with 1.63 million shares done last Friday. The shares have gained by 9.62% so far this year and are trading at 7.51 times price-to-earnings ratio compared with the industry average of 13.33 times.

PJI HOLDINGS BERHAD

Letter of Award to KEJURUTERAAN TROLKA SDN. BHD. (“KTSB”) by BLACKSTONE SEVEN SDN. BHD. (“BSSB”)

The Board of Directors of PJI wishes to announce that Kejuruteraan Trolka Sdn. Bhd. (Company No.157615-W) ("KTSB"), a wholly owned subsidiary of the Company has on 14 January 2010 accepted a Letter of Award from Blackstone Seven Sdn. Bhd. (Company No.826048-V) ("BSSB") for Piling and Building Works for “Cadangan Membina 1 Blok Bangunan Komersial Yang Terdiri Daripada: (A) Menara Pejabat 16 Tingkat Yang Mengandungi 1 Tingkat Ruang Niaga, 8 Tingkat Tempat Letak Kereta, 6 Tingkat Ruang Pejabat Berserta 1 Aras Penthouse, (B) Kedai Pejabat 5-7 Tingkat Dengan Mezanin Di Tingkat Bawah Dan Tempat Letak Kereta Di Atas Bumbung, Di Atas 1 Aras Basement Tempat Letak Kereta Di Lot PT No.3628, H.S.(D) 78002, Jalan SS6/6, Kelana Jaya, Selangor Darul Ehsan” (“the Proposed Project”).KTSB shall be the Main Contractor for the constructions works of the Proposed Project. The Contract Sum of the Proposed Project is RM30,665,335.00 (Ringgit Malaysia Thirty Million Six Hundred Fifty Five Thousand Three Hundred Thirty Five only).

Naim Holdings Berhad

LETTER OF AWARD FOR 275KV OVERHEAD TRANSMISSION LINE FOR BAKUN-SIMILAJAU TRANSMISSION SYSTEM

Naim Holdings Berhad (“the Company”) is pleased to announce that the Company’s unincorporated joint venture, Sinohydro-Naim JV has on 12 January 2010 received a Letter of Award for Package B Part I and II of the 275KV Overhead Transmission Line Projects for Bakun-Similajau Transmission System from Sarawak Energy Berhad for a lump sum of Ringgit Malaysia Two Hundred and Nine million, one hundred and seven thousand, nine hundred eighty-six only (RM209,107,986.00) with a contract period of 24 months.The above contract is expected to contribute positively to the earnings of the Group for the financial year ending 31 December 2010.Save for Datuk Abdul Hamed Bin Sepawi who is the Chairman of Sarawak Energy Berhad, none of the Directors or Substantial Shareholders or persons connected with them has any interest, direct or indirect, in the transaction.

Gadang Eng JV gets RM291m LCCT job

Gadang Holdings Bhd’s wholly owned subsidiary Gadang Engineering (M) Sdn Bhd (GESB) and Bukit Jerneh Quarry Sdn Bhd (BJQ) have received a letter of acceptance from Malaysia Airports Holdings Bhd for part of the proposed low-cost carrier terminal (LCCT) worth RM291.1mil.
In a filing to Bursa Malaysia yesterday, Gadang said the scope of works under the contract comprised site preparation, earthworks and main drainage for Runway 3 and its associated taxiways which were expected to be completed on Dec 18.
“The contract is awarded to Gadang-BJQ joint venture, an unincorporated joint venture comprising GESB and BJQ in the proportion of 70:30 respectively,” it said.
Gadang said the contract was expected to have a positive impact on the earnings and net assets of the group for the financial years ending May 31, 2010 and 2011.

Ho Hup shares plunge the most in two years

Shares in Ho Hup Construction Co Bhd plunged the most in two years yesterday, snapping a five-day winning streak.
The stock closed 36%, or 72 sen, lower to RM1.27, wiping out more than RM73mil in its market capitalisation. Around 5 million shares changed hands.
Its price had tripled in the past five days.
While the company has said that it was not aware of the reason behind the surge in its share price, analysts said the fall in price was fuelled by investors who were cautious on the company’s fundamentals due to the ensuing tussle between shareholders.
StarBiz reported yesterday that the board of directors of Ho Hup would fix a meeting to discuss the intention of Low Chee & Sons Sdn Bhd and Choo Soo Har to call a special meeting for the removal of the current board and appointment of a new one.
Low Chee & Sons and Choo are substantial shareholders in the company.
They had earlier announced to Bursa Malaysia their intention to call for an EGM on Feb 4 for the removal of seven members of the board and appointment of six others.
Ho Hup group managing director Lim Ching Choy had told StarBiz that he was unsure about the motive for the removal of the members of the board, which included himself and deputy executive chairman Datuk Vincent Lye Ek Seang, also a major shareholder.
“We’re going to have a board meeting to discuss the matter but we haven’t fixed the date yet,” he had said.
This development follows the ongoing tussle at Ho Hup, where Datuk Low Tuck Choy, one of three owners of Low Chee & Sons, had opposed the sale of two parcels of land held by Ho Hup and approved by the board headed by Lye on the basis that these were being sold at below market rates.
Meanwhile, in a statement to the stock exchange yesterday, Ho Hup said it had instructed its solicitors to commence legal proceedings against Low Chee & Sons and Datuk Low for defaming the company through the media.
The solicitors filed the writ indorsed with a statement of claim yesterday, the company said.
In another statement, Ho Hup said it received yesterday documents from Low Chee & Sons and Choo pertaining to the proposed Feb 4 EGM.

Mudajaya seeks to raise RM185.8m

Mudajaya Group is planning a share placement exercise which may raise RM185.8m to be used as working capital and to fund new investments, possibly in India. Mudajaya is presently involved in a power generation project in India through its wholly owned unit Mudajaya Corp Bhd which controls a 26% stake in RKM Powergen Private Limited, a SPV undertaking the project. While Mudajaya is engaged in the construction of 1,440MW coal fired plant in Chattisgarh, the company was also reported to be bidding for various projects worth RM400m in India.

HO HUP CONSTRUCTION COMPANY BHD