Business News

Published: Thursday June 20, 2013 MYT 12:00:00 AM
Updated: Thursday June 20, 2013 MYT 12:13:56 PM

Eversendai tendering for RM8bil projects

PETALING JAYA: Eversendai Corp Bhd is tendering for RM8bil worth of projects and is poised to add more contracts to its growing order book in the next couple of months.

The structural steel turnkey and power plant contractor has an order book of RM1.5bil at present.

Executive chairman and group managing director Tan Sri A.K. Nathan said some of the concluded contracts were slated for announcement soon, while some were now in the process of being finalised.

“Our current order book can last us for another two to three years, and about RM750mil will be spread out this year. We are looking for works from the construction of petrochemical plants like the Refinery and Petrochemical Integrated Development or Rapid project in Pengerang, Johor.

“We are also looking into the overseas market for this, as we have the kind of expertise and manpower to take on these jobs,” he said at the company’s AGM.

On the local front, Nathan said besides the big-ticket projects like the Mass Rapid Transit, there were some redevelopment projects that were of interest to the company.

“We are talking to some of these developers and contractors to introduce the use of composite structures to these projects with the thought of bringing in more innovation,” he shared.

He said Eversendai was also keeping its options open to further merger and acquisition activities after buying a 20.1% stake in Singapore-listed Technics Oil & Gas Ltd.

Since then, it has set up a joint-venture company, Eversendai Technics Pte Ltd, with the aim of bidding for projects in the oil and gas (O&G) industry.

Its fourth fabrication yard in India, meanwhile, would be operational next month, adding a further 20,000 tonnes to 30,000 tonnes to its current 120,000-tonne capacity.

“Right now, all our yards are fully loaded with work. We have yards in Dubai, Qatar, Malaysia and now India,” he disclosed.

On its earnings and dividends, he said the company was targeting to achieve a similar performance to 2012, and that the progressive revenue increase would begin from 2014 in line with its expansion to the O&G industry.

“We want to pay more to shareholders, and we are still striving to achieve our RM2bil revenue by 2017,” he said.

Tags / Keywords: Business, Business News, eversendai

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