Ikhmas Jaya bags RM36 mil job to work on Phase 2 of Setia City Mall

KUALA LUMPUR (June 29): Ikhmas Jaya Group Bhd has bagged a RM36 million contract for works at the proposed Setia City Mall Phase 2 retail development in Selangor.

In a filing with Bursa Malaysia, the group said its unit had accepted the letter of award yesterday to carry out site clearance, earthworks, piling and pile caps, ground slab and ancillary works for the project from Greenhill Resources Sdn Bhd.

Greenhill Resources — a joint venture between S P Setia Bhd and Asian Retail Investment Fund — is the developer of the Setia City Mall.

Ikhmas Jaya said the contract works are expected to commence on Aug 9, 2017 and complete by April 11, 2018.

The group expects the project to contribute positively to its earnings and net assets for the financial year ending Dec 31, 2017 (FY17) and 2018.

Meanwhile, Ikhmas Jaya said in a separate statement that its total outstanding order book currently stood at approximately RM903.9 million.

Year to date, the group has secured contracts with an aggregate value of RM369.2 million.

“This new contract win will bring the group closer to our targeted project procurement of RM500 million for the year. We are confident that our current outstanding order book will deliver positive results for the financial year ahead,” said its group managing director Ang Cheng Siong.

This article first appeared in The Edge Financial Daily, on June 29, 2017.

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