Bina Puri bags RM64.99m job, brings order book to RM2b

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KUALA LUMPUR: Bina Puri Holdings Bhd has bagged additional upgrading works in Sabah worth RM64.99 million, bringing its unbuilt order book to RM2.01 billion. Of the total order book, new projects secured this year stood at RM760 million.

In a filing with Bursa Malaysia yesterday, Bina Puri said its wholly-owned subsidiary Bina Puri Sdn Bhd had accepted a letter of award from Jabatan Kerjaraya, Sabah, on Dec 15, to undertake additional works for the proposed new Sabah State Administrative Complex, Teluk Likas, Sabah (Phase 1 — Building Works) under the federal government’s facilitation fund. The project, which commences construction today and has a completion period of 16 months, consists of upgrading works to the existing seawall, upgrading works to an external roundabout for the proposed traffic diversion, and upgrading of fencing.

“With [these] additional works awarded, is crucial for us to complete the Sabah State Administrative Complex on time as it will be one of the new prominent landmarks of the state,” Bina Puri group managing director Tan Sri Datuk Tee Hock Seng said in a statement.

Bina Puri said the works are not expected to have any material effect on its net assets and earnings for the financial year ending Dec 31, 2014.

The new proposed Sabah State Administrative Complex, which covers a 6ha piece of land located near the Sabah Foundation Building, features a 30-storey office tower and two blocks of nine-storey buildings.

Bina Puri said the construction of the tower — which will also house the Sabah chief minister’s office together with his cabinet ministers’ — is 76% completed.  The group was awarded the construction of the Sabah State Administrative Complex, worth RM388.7 million, in July 2011.

Bina Puri shares closed up 0.94% at 53.5 sen yesterday, giving it a market capitalisation of RM95.18 million.

According to theedgemarkets.com, Bina Puri’s valuation score stood at 1.8 on a scale of 0 to 3, with 3 suggesting a company gives higher-than-market-average returns and is trading at a lower-than-average valuation, while it has a fundamental score of 0.15, which measures its balance sheet strength and profitability. The stock has a volatility rate of 2 on a scale of 1 to 5, with 1 being the least volatile.

 

This article first appeared in The Edge Financial Daily, on December 23, 2014.