Serba Dinamik bags RM7.71b contract for Abu Dhabi project

Serba Dinamik bags RM7.71b contract for Abu Dhabi project
-A +A

KUALA LUMPUR (April 15): Serba Dinamik Holdings Bhd has bagged a US$1.78 billion (RM7.71 billion) contract for the engineering, procurement and construction of an innovation hub, academic campus, related facilities and information technology (IT) infrastructure in Abu Dhabi, United Arab Emirates.

In an exchange filing today, the firm said its wholly-owned unit Serba Dinamik International Ltd (SDIL) accepted the letter of award last Sunday from US-based Block 7 Investments LLC for the four-year project, which is set to commence on May 14.

“The project shall cover three areas of interest namely the innovation hub, academic campus and accommodation comprising apartments and hotels, over a total built-up area of 455,000 sq m. The innovation hub development will include offices, restaurants, and exhibition and IT centres.

“The project forms part of Block 7’s initiatives to create a global incubator for the advancement of innovators for the technology, property, financial as well as energy sectors, to be positioned as a new landmark for Abu Dhabi,” it said.

Serba Dinamik said, the scope of work includes but is not limited to designing, engineering, procuring, supervising, managing, supplying, transporting, constructing, commissioning, and the remedying of any defects in connection with the project.

The award will not have any effect on the issued share capital and the shareholdings of the substantial shareholders of the company. It is expected to contribute positively to Serba Dinamik’s financials for the financial year ending Dec 31, 2020.

“The board is of the opinion that the award is in the best interest of the company and it signifies the positioning of the group’s ability in the development of innovation hubs and the contents of digital frontier technology,” the firm said in the filing.

At the midday break today, Serba Dinamik rose 3.25% or 5 sen to RM1.59, with 3.77 million shares traded.