KUALA LUMPUR (Oct 7): TCS Group Holdings Bhd’s wholly-owned subsidiary TCS Construction Sdn Bhd has bagged a RM323 million contract for M Arisa, a serviced apartment project here.
In a filing with the bourse, TCS said its unit had accepted a letter of award from Cosmowealth Housing Development Bhd — a subsidiary of Mah Sing Group Bhd — for construction works, which shall be over a period of 36 months.
The development comprises two blocks of 57-storey suite apartments with a 10-storey parking podium and one basement parking at Jalan Sentul Pasar, Setapak, Kuala Lumpur.
“We are delighted to have bagged our third project since our recent listing on July 23, which is a testimony to our technical and execution capabilities. In total, we have now won three contracts worth RM537.70 million in the past three months alone,” said TCS managing director Datuk Tee Chai Seng in a separate statement announcing the contract award.
The group said it expected the contract to contribute positively to the future earnings and net assets of TCS.
"TCS intends to fund the contract via internally generated funds and/or borrowings,” it said.
Meanwhile, the contract will not have any effect on the issued share capital and the shareholding of the substantial shareholders of TCS.
The group said its board of directors is of the opinion that the contract is in the best interest of the group, after considering all aspects of the contract.
TCS shares rose one sen or 2.41% to 42.5 sen at 12.30pm, giving a market capitalisation of RM153 million.