KUALA LUMPUR: Cahya Mata Sarawak Bhd (CMSB) has bagged a RM308 million contract from the Sarawak government to build a world-class museum and a heritage trail in Kuching.
In a filing with Bursa Malaysia, CMSB (fundamental: 3; valuation: 1.1) said PPES Works (Sarawak) Sdn Bhd, a subsidiary of CMS Works Sdn Bhd which in turn is a wholly-owned subsidiary of CMSB, yesterday signed a design/build negotiated contract with the Sarawak government for the proposed Sarawak Museum Campus and Heritage Trail project.
Under the deal, CMSB will construct a museum and an adjoining annexe building with a combined floor space of 30,000 cu m, as well as a heritage trail in central Kuching.
The overall duration of the contract is 60 months, with completion by the first quarter of 2020.
CMSB said the project will be undertaken in phases to ensure that sections of the museum will always stay open to visitors.
“The Sarawak government will fund the construction of the project. The funds will be released according to work progress under the conventional building industry mode of payment,” it added.
The contract is expected to contribute positively to the future earnings of the CMSB group for the financial years ending Dec 31, 2015 to 2020.
CMSB shares closed down 0.41% to RM4.81 yesterday, with a market capitalisation of RM5 billion.
This article first appeared in The Edge Financial Daily, on April 15, 2015.