KUALA LUMPUR (Oct 7): Comintel Corp Bhd said it will take over and complete the construction of the abandoned Empire Residence project in Sungai Buloh for RM183.15 million.

Comintel’s wholly owned unit Total Package Work Sdn Bhd has accepted the letter of award from Mammoth Empire Land Sdn Bhd, a unit of Mammoth Empire Holdings Sdn Bhd (MEH), which was not able to complete the development.

This is the second uncompleted project under MEH which has been taken up by another company this week. On Monday, HCK Capital Group Bhd said it will take over the RM2.3 billion Empire Remix 1 project in Subang Jaya, in which HCK may have to pump in RM900 million to complete.

In its filing on Friday (Oct 7), Comintel said possession of the Empire Residence for the commencement of the works will be within 14 days from the date of fulfilment with the whole project to be completed within 48 months.

Comintel, a Practice Note 17 (PN17) company, said the contract is expected to provide an additional income stream for the group over the next four financial years.

As at May 5, Comintel’s largest shareholders comprise its managing director Lim Chee Hock, who has 27.98% indirect stake and 0.64% direct stake in the company. This is followed by Just Trading Sdn Bhd, which holds 22.77% in Comintel, its annual report showed.

For the first half ended July 21, 2022 (1HFY23), Comintel posted a net profit of RM4.61 million versus a net loss of RM1.86 million a year earlier. Revenue jumped to RM49.97 million from RM896,000.

Shares of Comintel have been suspended from trading since May 31, 2021 after Bursa Malaysia rejected the company's application for more time to submit its plan to regularise its PN17 condition. The PN17 condition was triggered in March 2019, after its shareholders’ equity fell to under 25% of its issued share capital.

The company’s shares last traded at nine sen apiece at end-May 2021, giving it a market capitalisation of RM13 million.