Kanger inks construction deals

KUALA LUMPUR (Bernama) -- Kanger International Bhd’s wholly-owned subsidiary, Kanger Ventures Sdn Bhd, has entered into collaboration agreements with multiple main contractors to carry out the remaining construction works across six sites in Kuala Lumpur and Pahang totalling RM495.9 million.

Under the terms of the agreements, Kanger will be responsible for the project management role and coordinate the remaining construction work of the six projects.

In a statement today, the ACE Market-listed company said its scope included management of sub-contractors appointed by the main contractors and handling financial matters including fulfilling payments to the sub-contractors promptly.

Kanger executive director Steven Kuah Choon Ching said the group is always looking for new opportunities to expand its income stream and the collaboration agreements marked the company's maiden entry into the construction sector.

"This bodes well for Kanger as it will immediately give the group construction contracts that will positively enhance its revenue and earnings over the next few years.

"This paves the way for us to enhance our track record in the construction industry and strengthen our profile when bidding for other projects in the near future,” he said.

The group added that all of the six construction projects are expected to be completed by December 2023 and the progressive work done during the construction period of these projects are expected to contribute positively to its financial performance in the next three financial years ending Dec 31, 2021 (FY21), FY22 and FY23.

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