Haily bags RM75.9mil residential construction contract

PETALING JAYA: Haily Group Bhd has accepted a letter of award from Meridin East Sdn Bhd for the construction and completion of 393 units of terrace houses at Taman Bestari Perdana Johor Baru, Johor, worth RM75.9mil.

In a filing with Bursa Malaysia, Haily said the project will involve the construction of 126 units of double storey terrace houses and a Tenaga Nasional Bhd (TNB) double chamber substation (Parcel 4A3); 156 units of double storey terrace houses (Parcel 4A4) and 111 units of double storey terrace houses and a TNB double chamber substation (Parcel 4A5).

Haily said the construction of the terrace houses will take 15 months to complete, while the TNB double chamber substations will each take six months to be completed.

Haily said the letter of award will not have any effect on the issued share capital and substantial shareholders’ shareholdings of the company.

“The board expects the letter of award to contribute positively to the Haily group’s earnings and net assets over the duration of the project, assuming no material delay in the timing.”