Friday 29 Mar 2024
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KUALA LUMPUR (Nov 23): MGB Bhd, formerly known as ML Global Bhd, has bagged a RM174.8 million contract from Seloka Sinaran Sdn Bhd — an indirect subsidiary of LBS Bina Group Bhd — to develop four gated and guarded housing projects in Sepang, Selangor.

LBS Bina is also a major shareholder of MGB.

MGB said the contract will increase the group's current outstanding order book to RM2.03 billion.

In a filing with Bursa Malaysia today, MGB said its wholly-owned subsidiary MITC Engineering Sdn Bhd has accepted a letter of award from Seloka Sinaran for the proposed projects.

The proposed projects involve four phases, which will commence this month and are expected to be completed in February 2020.

One of the phases involves the development of 162 units of two-storey terrace houses, one guard house, one main switching station, one community centre with surau and a management office. Another features 217 units of two-storey terrace houses and a Tenaga Nasional Bhd (TNB) substation.

The remaining two phases include the development of 698 units of two-storey townhouses and two TNB substations.

"The contract will have no effect on the issued share capital of the company but it is expected to contribute positively to the group's earnings and net assets per share over the duration of the contract," MGB said.

MGB shares closed down 6 sen or 7.23% at 77 sen today, for a market capitalisation of RM382.58 million.

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