KUALA LUMPUR (Sept 8): Shares in furniture maker-cum-builder TAFI Industries Bhd rose 4.82% in morning trade on Thursday (Sept 8), after its wholly-owned subsidiary TAFI Home & Office Sdn Bhd accepted a RM115 million turnkey construction contract from Magna Prima Bhd’s indirect wholly-owned unit Magna Park Sdn Bhd to build serviced apartments in Kepong, Kuala Lumpur over four years.

At the time of writing, TAFI Industries had risen two sen to 43.5 sen, with 3.29 million shares traded.

Magna Park has also appointed TAFI Industries' wholly-owned TA Furniture Industries Sdn Bhd as the project's management consultant.

TAFI Industries group chief executive officer Datuk Seri Bryan Wong said the contract will contribute positively to the group's earnings for the financial year ending Dec 31, 2023 (FY23) to FY25.

"The TAFI group will continue to leverage TAFI Home & Office's G7 licence issued by the Construction Industry Development Board, which allows it to tender for construction projects of unlimited value, to tender for higher-value construction contracts from both the private sector and also the Government to further grow our revenue stream from construction contracts," he said.

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TAFI Industries wins RM115 mil contract from Magna Prima to build serviced apartments in Kepong