Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on April 19, 2019

KUALA LUMPUR: Gadang Holdings Bhd has entered into a pre-bid consortium agreement with DWL Resources Bhd to jointly tender for and undertake infrastructure projects.

In a filing with Bursa Malaysia, Gadang said the agreement was signed yesterday between its wholly-owned subsidiary Gadang Engineering (M) Sdn Bhd (GESB) and DWL’s unit Million Rich Development Sdn Bhd (MRDSB).

Under the agreement, a consortium, named DWL-Gadang Consortium, will be set up, whereby GESB will have a 70% stake, with the remaining 30% to be owned by MRDSB.

MRDSB is presently engaged in the business of property development and other related services, and has expertise in the field of strategic master plan design and undertaking architecture and other related project works, Gadang said.

Gadang said the partnership agreement shall remain in force for 12 months.

“We are excited and grateful to collaborate with Gadang as this collaboration will help to strengthen our experience and enhance our portfolio to participate in a wider range of construction works and eventually turn around the company’s revenue back into the black,” said DWL executive chairman Wan Khalik Wan Muhammad in a separate statement.

Gadang shares closed unchanged at 68.5 sen yesterday, bringing it a market capitalisation of RM453.28 million. DWL shares gained four sen to settle at RM1.10, valuing it at RM218.51 million.

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