KUALA LUMPUR: Eversendai Corp Bhd, a specialist structural steel contractor, has bagged a RM120 million contract from PKT Logistics Group Sdn Bhd to build the latter’s warehouse at Bandar Cassia in Batu Kawan, Penang.

The project is scheduled to begin next month and be completed by April 2016. Dubbed “12 Waves”, the new warehouse is the first of three phases at PKT Logistics’ One Auto Hub project valued at RM700 million, spread across over 70 acres (28.3ha) of land.

Eversendai (fundamental: 0.75; valuation: 1.2) executive chairman and group managing director Tan Sri A K Nathan is confident of a positive outlook for the group this year.

“In the short space of two months, we have been able to secure contracts worth an estimated RM349 million and we look forward to finalising a few more projects in the next couple of months which will sustain the faith and confidence of all our stakeholders in our capabilities and ability to deliver,” he said in a statement yesterday.

He added that Eversendai is continuously looking at venturing into new opportunities in inter-related industries, while maintaining its good performance and track record.

“We acknowledge there is a fair amount of construction projects in the pipeline in Malaysia this year, both in the government as well as private sectors, such as the MRT Line 2, Refinery and Petrochemical Integrated Development project, Warisan Tower and Tun Razak Exchange.

“We are determined to strongly position ourselves in the local market by contributing to the Malaysian economy and we shall strive to succeed,” said Nathan.

One Auto Hub is expected to emerge as one of the largest automotive logistics provider in Malaysia to cater to the needs of the automotive industry under the purview of the Northern Corridor Implementation Authority. The turnkey project will include 12 modular warehouses, a rest-and-relax area for truckers and an office suite.

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This article first appeared in The Edge Financial Daily, on February 10, 2015.