KUALA LUMPUR (Apr 24): Malton Bhd has bagged a construction job worth RM703 million from Impian Ekspresi Sdn Bhd, which is indirectly controlled by Malton executive chairman Tan Sri Lim Siew Choon, for the Pavilion Damansara Heights project.
In a filing to Bursa Malaysia today, Malton (fundamental: 1.1; valuation: 2) said its wholly owned unit Domain Resources Sdn Bhd accepted a letter of award from Impian Ekspresi today pertaining to construction works involving the clearance, demolition, foundation, retaining wall system, basement car parks, retail podium and infrastructures at Lot 54325, Jalan Damanlela, Pusat Bandar Damansara (PBD), Kuala Lumpur.
Impian Ekspresi is the owner and developer of the 9.58 acres Pavilion Damansara Heights project.
The Pavilion Damansara Heights project, crafted by Lim’s Pavilion Group, is set to be the new metropolis of Damansara Heights, and comprises the Pavilion retail galleria, service residences, premier residences and corporate towers, according to its website.
Malton said a contract to formalise the scope and value of the construction works will be entered into between Domain Resources and Impian Ekspresi in due course.
The deal is regarded as a related party transaction. Malton’s shares closed down 1.5 sen or 1.59% today to 93sen with a market capitalisation of RM423.75 million.
(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.)