Pan M’sia gets RM47mil office development job

PETALING JAYA: Pan Malaysia Holdings Bhd has accepted a letter of award (LOA) from Discovery Media Sdn Bhd through its wholly-owned subsidiary, Exsim Concepto Sdn Bhd (ECSB), for the development of four office levels and other facilities in Damansara Perdana, Petaling Jaya.

In a statement, the group said the contract sum worth RM47.37mil, will entail supplying, fabricating, delivering and the installation of interior design fit-out works for guest rooms.

ECSB is primarily involved in specialised fit-out services for hospitality property assets.

It added the duration of the contract will be 24 months from the LoA, while the defect liability period will be 27 months from the Certificate of Practical Completion of Works date.

The board said the LOA is in the best interest of the company and is expected to contribute positively to the net assets per share, earnings per share and its gearing.

While the LOA is not subject to the approval from its shareholders, the board noted it will take necessary steps should any risks other than the normal operational risks associated with the LOA arise.

In a separate filing, Pan Malaysia has changed its name to Exsim Hospitality Bhd, effective from Oct 11.