Vizione bags RM96m condo job from MRCB unit

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KUALA LUMPUR (May 28): Vizione Holdings Bhd has bagged a RM96.3 million contract to build 214 condominium units and 31 superlink villas together with ancillary facilities at Seksyen U20, Shah Alam, Selangor.

The commencement of work is in two phases, which will be from May 27, 2020 and Aug 27, 2020 respectively, according to its filing to Bursa Malaysia today.

Both phases will have a completion date of 29 months from their respective commencement dates.

The contract was awarded by Pinnacle Paradise Sdn Bhd, a unit of Malaysian Resources Corporation Bhd.

Vizione said this project will further enlarge the group’s order book and is expected to provide a steady stream of revenue for the group over the next three financial years.

Barring any unforeseen circumstances, this project is expected to contribute positively to the group’s earnings and earnings per share for the next three financial years as the earnings and attributable profits would be realised in stages over the tenure of the contract.

Vizione said the project is not expected to have any major material effects on the group’s net assets and gearing for the financial year ending May 31, 2020.

Shares of Vizione were down 1.5 sen or 4.05% to close at 35.5 sen today, valuing the company at RM218.96 million. Over the past year, the counter has fallen some 64% from 98.5 sen.