Vestland wins RM170 mil contract to build and design Subang SOHO project

• The latest contract win brings Vestland’s total outstanding order book to about RM1.7 billion, providing a strong earnings visibility to the group for the next four and five years to come, its group managing director Datuk Liew Foo Heen said in a statement.

KUALA LUMPUR (May 30): Vestland Bhd has bagged an RM170 million design and build contract to undertake the main building and associated works for the small office home office (SOHO) and retail units in Subang Jaya.

The latest contract win brings Vestland’s total outstanding order book to about RM1.7 billion, providing a strong earnings visibility to the group for the next four and five years to come, its group managing director Datuk Liew Foo Heen said in a statement.

In a bourse filing, Vestland said its wholly owned subsidiary Vestland Resources Sdn Bhd accepted a letter of award from Tafi Home & Office Sdn Bhd (THOSB) for the construction job.

THOSB is principally involved in general trading, manufacturing and exporting of furniture and construction activities.

Vestland said the completion of the construction works under the contract shall be 34 months from the commencement date, which will be notified later by THOSB.

The group expects this contract to contribute positively towards its earnings and net assets for the duration of the contract.

Vestland’s share price closed unchanged at 37 sen, giving the group a market capitalisation of RM349 million.