This article first appeared in The Edge Financial Daily on January 18, 2018

KUALA LUMPUR: Eversendai Corp Bhd has bagged two contracts worth RM272 million to undertake structural steel works for a mixed-use development and a luxury high-end residential tower.

The contracts were secured via its wholly-owned unit Eversendai Engineering LLC Dubai (EVS Dubai). The mixed use development is the One Za’abeel, while the residential tower is the Address Tower Residence IL Primo.

In a filing with Bursa Malaysia yesterday, Eversendai said the One Za’abeel contract was awarded by Dubai’s ALEC Engineering and Contracting LLC, while the IL Primo Address Tower deal was awarded by Turkey’s TAV Construction.

“All relevant approvals with regard to awards of the contracts have been secured today (yesterday),” said Eversendai, adding the contacts are to be completed in 2020.

It said the new contracts should contribute positively to its earnings and net assets per share from the financial year ending Dec 31, 2018, until completion of the jobs.

Eversendai shares rose 1.5 sen or 1.79% to 85.5 sen yesterday, after 5.99 million shares were traded, giving it a market value of RM667.75 million. Over the past 12 months, the stock has climbed some 33% from 62 sen.