TCS secures single-largest contract of RM555mil

PETALING JAYA: TCS Group Holdings Bhd’s unit has secured its single-largest contract worth RM555mil for the main building works for a mixed-use development project known as J.Satine in Kuala Lumpur.

In a statement, the building and infrastructure construction services provider said its wholly-owned subsidiary, TCS Construction Sdn Bhd, yesterday accepted a letter of acceptance from Jayyid Land Sdn Bhd for works of the project, comprising 3,600 units of Residensi Wilayah apartments, 661 units small office/home office (SOHO) and 42 commercial units in Setapak.

TCS managing director Datuk Ir Tee Chai Seng said: “The RM555mil contract is the fourth project we secured in 2021, which enhances our outstanding order book to approximately RM1.6bil and provides us earnings visibility for the next three financial years.”

The group’s tender book stood at about RM2.4bil.

“The group is cognisant of the challenges in the industry and we are managing the situation by proactively implementing strategic initiatives and continuously enhancing our operational efficiency and procurement process.

“Looking ahead, notwithstanding the exacting operating landscape, our prospects remain intact premised upon our improved order book and the accelerated mass rollout of the Covid-19 vaccination in Malaysia,” Tee added.

TCS said the latest contract was for a duration of 36 months. The job is expected to commence in September 2021, and completed in September 2024.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

CPO futures likely to see technical correction next week
Evergrande says six execs redeemed investment products in advance
Infineon opens Austria plant early in chip capacity boost
Indonesia may reopen to tourists from some countries in October
Airbus reaches deal to restructure AirAsia jet order
Oil price falls as storm-hit US supply trickles back into market
World shares fall as markets await Fed meeting, taper timeline
Gadang’s subsidiary bags RM100mil deal
Big sales jump for EcoWorld Malaysia in Q3
The 18th entry

Stories You'll Enjoy