TCS Group secures RM92.72m construction job from Tropicana subsidiary

TCS Group secures RM92.72m construction job from Tropicana subsidiary
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KUALA LUMPUR (Feb 2): TCS Group Holdings Bhd has secured a RM92.72 million contract to undertake a freehold condominium project known as Tropicana Miyu in Petaling Jaya, Selangor.

The group told a bourse filing that its wholly-owned subsidiary TCS Construction Sdn Bhd had accepted a letter of award from Tropicana Temokin Sdn Bhd (TTemokin) for the contract.

TTemokin is a joint-venture company, in which Tropicana Corp Bhd has a 51% effective equity interest through its subsidiary Tropicana Harapan Sdn Bhd.

The contract period is 32 months, commencing in February 2021 and expected to complete in October 2023.

“The contract is expected to contribute positively to future earnings and net assets of TCS for the duration of the contract,” said TCS, adding that the group intends to fund the contract via internally generated funds and/or borrowings.

TCS closed 1.5 sen or 2.91% higher at 53 sen today, valuing the company at RM190.8 million.

Lam Jian Wyn