Tuesday 19 Mar 2024
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KUALA LUMPUR (April 27): Vizione Holdings Bhd has won a RM58 million subcontract in a government housing project in Kelantan under the Program Perumahan Rakyat (PPR).
 
The group said its wholly-owned subsidiary, Vizione Construction Sdn Bhd, received a letter of award from Warisan Sanjungan Sdn Bhd to supply material, labour, necessary tools and equipment to build 418 units of low cost walk-up flats at Machang district.
 
“Vizione Construction will undertake the main building works (except for earthwork) which includes structure, architecture and mechanical and electrical works, complete with ancillary building, landscaping and infrastructural works,” it said in a filing to Bursa Malaysia.
 
The contract cost is estimated to be about RM55.3 million, with a gross profit margin of 4.66%. The project is expected to commence in the second quarter of 2017 and be completed 30 months later.
 
Vizione said the award will lead to an expansion of the group’s construction activities in the future and contribute positively to its financial performance.
 
“Further[more], as a relatively new player in the construction sector, the award provides an opportunity for the group to enhance their credentials in the construction segment and open up new opportunities in the state of Kelantan. The group intends to source the funding of the award through proceeds from the rights issue and internally-generated funds,” it added.
 
Vizione’s share price rose 3.85% to 13.5 sen today, with 3.2 million shares exchanging hands. 

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