KUALA LUMPUR (April 20): Inta Bina Group Bhd has bagged a RM106 million contract for the construction of serviced apartments in Klang.

In a bourse filing, the group announced that its wholly-owned subsidiary Inta Bina Sdn Bhd had accepted a letter of award (LoA) from Mitraland Holding (M) Sdn Bhd’s wholly-owned unit Vibrantline Sdn Bhd.

The contract is for Phase 2 of the project, which includes main building works for the project.

Specifically, the project entails a business complex that will house 25 shops, a seven-floor podium car park, 416 units of serviced apartments and a pedestrian bridge for the development, among others.

Construction will take 28 months, starting from April 26, 2021.

“The contract will not have any effect on the share capital and substantial shareholders’ shareholdings of Inta Bina.

Barring any unforeseen circumstances, the contract is expected to contribute positively towards the future earnings of Inta Bina for the duration of the contract.

“The group intends to fund the contract via internally generated funds and/or external borrowings,” it said.

Shares in Inta Bina closed 1.64% or five sen lower at 30 sen today, valuing it at RM160.58 million.