Comintel bags RM168.3mil construction contract

KUALA LUMPUR: Comintel Corporation Bhd has secured a RM168.3mil contract for piling and main building works Exsim Bukit Jalil City Sdn Bhd (formerly known as Exsim Kinta (Ipoh) Sdn Bhd).

In a filing with Bursa Malaysia, Comintel said its wholly owned subsidiary, Binastra Builders Sdn Bhd accepted a letter of award in respect of a proposed development of one block of 42-storey serviced apartments (508 units) in Bukit Jalil.

The contract shall commence on April 10, 2023 and is to be completed within 33 months from the commencement date.

“The contract is expected to provide an additional income stream for the group over the next three financial years,” it said.

Comintel said its executive director, Lee Seng Yong who holds 0.28% ordinary shares of the company also holds 5% ordinary shares in Exsim Bukit Jalil via his interest in TRE Towers Holding Sdn Bhd.

"Lee is not a director of Exsim Bukit Jalil and therefore the contract is not regarded as a related party transaction pursuant to Paragraph 10.08 (11) (l) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd.

"Except as disclosed above, none of the directors, major shareholder and/or persons connected with any such director or major shareholder as defined in the listing requirements has any interest, direct or indirect, in the contract,” it added.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Comintel , Exsim Bukit Jalil City


Next In Business News

CPO futures expected to trade lower next week
Short Position: Stockbroking challenge, Earnings drag, How low can you go?
Expansion of M’sian builders overseas – strategy and necessity
Ringgit to recover on investor confidence
Easing residential overhang
How to correct global imbalances?
Are we targeting subsidies right?
MAHB to ‘clean house’ at Malaysia airports
Alliance, CGC allocate RM1bil for MSMEs
Workplace stress and anxiety

Others Also Read