ML Global bags RM78m contract to build apartments in Bandar Sunway

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KUALA LUMPUR (Dec 7): ML Global Bhd, whose share price recently hit a seven-year high of RM1.74 on Nov 28, secured a contract to build a 24-storey apartment in Bandar Sunway, Selangor, for RM78.05 million.

In a filing with Bursa Malaysia, ML Global said its wholly-owned subsidiary MITC Engineering Sdn Bhd had accepted a letter of award from LCB Management Sdn Bhd as work contractor for the proposed development.

The project comprises 359 apartment units and one level podium of facilities, four levels of podium car park and one level of semi-basement car park.

“LCB, the appointed managing contractor, was instructed by the developer, Wonderful Insights Sdn Bhd, to award the construction and completion of the above-mentioned works to MITC Engineering,” the filing read.

The construction would take 24 months and is scheduled to commence in December this year, to be completed by December 2019.

With this contract, ML Global said its current outstanding order book is about RM2.38 billion.

The group’s share price closed four sen or 2.38% higher at RM1.72 today, giving it a market capitalisation of RM682.68 million.

Year-to-date, the counter has more-than-doubled from just 83 sen on Dec 30 last year.