Pesona Metro bags RM264.3m construction job

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KUALA LUMPUR (Sept 4): Pesona Metro Holdings Bhd's unit has secured a contract worth RM264.3 million to build two blocks of serviced apartments in Bandar Sri Damansara, Selangor.

The contract was awarded today to its wholly-owned unit, Pesona Metro Sdn Bhd, by Indo Aman Bina Sdn Bhd, which is a wholly-owned unit of TA Global Bhd and the project's employer.

In an exchange filing, Pesona Metro said the proposed development comprises two blocks of serviced apartments at 33-storey and 28-storey each, carpark, and residential facilities.

It said the 32-month project started on Aug 15 and will end on April 14, 2021.

"The project is expected to be funded via internal generated funds and accordingly, has no effect on the gearing of the group," it said, adding the job is expected to contribute to its earnings and enhance its net assets during the contract duration.

Shares in Pesona Metro rose 1.5 sen or 4.62% to close at 34 sen today, giving it a market capitalisation of RM236.28 million. Compared with its closing price of 55.9 sen a year ago, the stock has lost about 39% of its value.