GFM Services sees earnings boost from KPMD acquisition

TheStar Thu, Mar 22, 2018 07:30am - 6 years View Original


KUALA LUMPUR: Integrated facilities management services provider GFM Services Bhd, whose shareholders approved its proposed purchase of a 100% stake in KP Mukah Development Sdn Bhd (KPMD) for RM130mil, expects its earnings to more than double following the acquisition.

KPMD holds a 23-year concession awarded by the government and Universiti Teknologi Mara (UiTM), which entails three years of the design, build and construction of UiTM Mukah campus in Sarawak, and 20 years for the delivery of facilities management services ending September 2035.

In a statement yesterday, GFM managing director Ruslan Nordin said the company's earnings were expected to more than double based on GFM's and KPMD's net profits of RM13mil and RM17.8mil, respectively, for the financial year ended Dec 31, 2016.

“GFM is the current facilities management provider for UiTM Mukah, having secured a five-year facilities management services contract ending 2021.

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