KUALA LUMPUR (March 20): LFE Corp Bhd has bagged a RM16.24 million contract from MME Realty & Management Sdn Bhd to build a mixed residential development project in Mukim Serada, Kuala Terengganu, Terengganu.

In a filing with Bursa Malaysia today, LFE Corp said the project, also known as “Taman Kemang Tiruk” will be developed on 121 parcels of land. The project was appointed to its wholly-owned subsidiary LFE Engineering Sdn Bhd.

The contract, to start on March 20, is estimated to be completed within 36 months from the date of site possession.

“The contract is expected to contribute positively to the earnings and net assets per share of LFE group for the financial year ending Dec 31, 2019, and up to the expiry of the contract," said LFE Corp.

LFE Corp shares price did not trade today. It last settled at 11 sen on March 15, for a market capitalisation of RM20.44 million.