KUALA LUMPUR (July 14): Furniture maker Sand Nisko Capital Bhd (SNC) has secured RM34.52 million construction work projects from related party DPS Resources Bhd (DPS).

SNC said in a bourse filing today that its wholly-owned subsidiary Len Cheong Industries Sdn Bhd has accepted seven letters of awards (LOAs) on various property development projects in Melaka from Shantawood Sdn Bhd, a wholly-owned subsidiary of DPS.

The construction works cover the building of landed houses and electrical substation, as well as infrastructure and factory extension works.

SNC's major shareholder and executive chairman Datuk Seri Sow Chin Chuan is also a major shareholder and executive chairman of DPS.

In a separate statement, SNC’s managing director Emily Sow Mei Chet said barring any unforeseen circumstances, the works are expected to commence in August 2021 and should be completed in July 2023.

“We expect this project-win to contribute positively to our financial year ending Dec 31, 2021 and onwards, until expiry of the contract,” she said.

She is also optimistic on the recovery of the property development sector and said SNC will participate in more tenders to sustain the group’s earnings visibility in the years to come.

SNC closed 13 sen or 11.02% higher at RM1.31 today, valuing the group at RM135.14 million.