Thursday 28 Mar 2024
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KUALA LUMPUR: Integrated facilities management services provider Faber Group Bhd, which will soon change its name to UEM Edgenta Bhd, revealed that one of the three hospital support services (HSS) concession agreements it inked with the government recently carries a total contract value of RM3.07 billion. 

In an announcement with Bursa Malaysia today, Faber (fundamental: 2.10; valuation: 0.9) said one of the concession agreements entered into on March 11 this year between its wholly-owned subsidiary Faber 

Medi-Serve Sdn Bhd (FMS) and the government, has a contract value of RM307.32 million per annum.

The job entails the provision of hospital support services (HSS) at contract hospitals in the states of Perak, Pulau Pinang, Kedah and Perlis.

It also includes the development of an asset and services information system and the implementation of a sustainability programme for a period of 10 years.

The two other concession agreements were awarded to its associate companies One Medicare Sdn Bhd and Sedafiat Sdn Bhd, which were for similar HSS jobs in Sabah and Sarawak. The value and duration of these concessions, however, were not revealed.

Further, Faber Medi-Serve had, on April 1, entered into two service agreements with Sedafiat and One Medicare, which Faber revealed yesterday were worth RM77.68 million and RM68 million, respectively.

The services agreements were to appoint Faber Medi-Serve as contractor to provide, among others, facilities management services to facilitate, during the early period of the East Malaysian concessions, the transition of the provision of the services from Faber Medi-Serve to One Medicare and Sedafiat.

“The signing of the services agreements will not have any effect on the issued and paid-up capital, or on the shareholding of the substantial shareholders of the company; however, it will contribute positively to the earnings and net assets of Faber group,” said Faber.

Shares of Faber closed 1.52% or 5 sen higher at RM3.35 yesterday, giving it a market capitalisation of RM2.73 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to www.theedgemarkets.com for more details on a company's financial dashboard.)

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