KUALA LUMPUR (Apr 28): Malaysia Airports Holdings Bhd (MAHB) has bagged a RM23.58 million job for the provision of facility management services for the New Doha International Airport project office, as well as the airport’s mock-up warehouse and associated facilities.

MAHB, in a filing to Bursa Malaysia today, said Malaysia Airports Consultancy Services Middle East LLC (MACS ME), a subsidiary of Malaysia Airports Consultancy Sdn Bhd (MACS) which is in turn MAHB’s unit, received the letter of award and notice to proceed (NTP) for the works from the NDIA steering committee on March 31.

It said a formal contract will be entered into between the government of the State of Qatar — represented by the NDIA Steering Committee, and MACS ME, tentatively by May 1, 2015, for the said works.

MACS ME is a 49:51 joint-venture company between MACS and Watad Group, which was incorporated in the state of Qatar on Oct 28, 2013. It is principally involved in the provision of general maintenance, works for building maintenance, and general contracting activities.

MAHB (fundamental: 1.15; valuation: 1.40) said the project is for three years from April 1 and covers the operation and maintenance of all electrical, mechanical, air-conditioning equipment and fire detection and protection systems.

Other scope of work includes operation and maintenance of operational and standby generators, including provision of diesel fuel and maintenance of civil engineering facilities, structures, road ways and etcetera.

“...the project awarded to MACS ME signifies MAHB’s determination to continue pursuing opportunities in airport development, operation, management and project consultancy overseas. The project is expected to enhance MAHB’s revenue stream from the consultancy business and to diversify its future earnings,” it said.

MAHB said the project is not expected to have any material financial implication and effect on the share capital and substantial shareholders shareholdings of MAHB and gearing of the group for the financial year ending Dec 31, 2015.

“However, the project is expected to contribute positively to the future earnings and net assets of the group, commencing financial year ending December 31, 2015,” it added.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)