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Central Industrial Corp secures construction jobs worth RM52.78m

TheEdge Thu, Nov 29, 2018 07:47pm - 1 year ago

KUALA LUMPUR (Nov 29): Specialised industrial tapes manufacturer Central Industrial Corp Bhd (CIC) has secured a contract from a property developer Eco Horizon Sdn Bhd worth RM52.78 million.

In a filing with Bursa Malaysia today, CIC said its 51%-owned subsidiary Proventus Bina Sdn Bhd has accepted the letter of award and the contract is expected to commence in mid-December 2018 and is to be completed by June 30, 2020.

The company said the contract covers main building works for Phase M1C which consists of 98 units of TYPE 1B and Phase M1D which comprises 94 units of TYPE 1C and two units of TNB Sub Station.

“The contract will have no effect on the share capital of the company but it is expected to contribute positively to the earnings and net assets per share of the Group for the financial years ending 2019 to 2020,” the company said.

“The acceptance of the contract is in the ordinary course of business of Proventus Bina Sdn Bhd. It enlarges the Group’s order book and is expected to provide a steady stream of revenue for the Group over the next two years,” it added.

Shares of CIC did not trade today. The counter closed unchanged at 59 sen on Nov 21, valuing the company at RM53.1 million.

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