KUALA LUMPUR: TCS Group Holdings Bhd
’s wholly-owned subsidiary TCS Construction Sdn Bhd has secured a RM130.15mil contract from Saujana Permai Development Sdn Bhd for the building works and related external works of a serviced apartment project in Kuala Langat, Selangor.
In a filing with Bursa Malaysia, the group said it will execute and complete works on 630 units of a 31-storey serviced apartment. The works will also include one level of amenities, seven levels of a tiered car park, 36 units of business spaces, nine units of affordable shops, a kindergarten, two electric substations and underground mechanical spaces.
TCS said the overall construction period is 36 months with completion slated for July 30, 2027.
TCS managing director and major shareholder Datuk Tee Chai Seng and major shareholder Datin Koh Ah Nee are deemed interested parties in the transaction by virtue of their interests and directorships in Saujana Permai Development via shareholdings in CDB Group Holdings Sdn Bhd.
In a bourse statement released yesterday, the group said the project is expected to contribute positively to the future earnings, net assets per share and gearing of the company, and is in line with its business expansion and revenue growth strategy .
TCS said the contract would also enhance its outstanding order book, strengthening its earnings visibility for the coming financial years. It added that the project will be funded by a combination of internally generated funds and borrowings.
