PETALING JAYA: MGB Bhd
has secured a RM44.67mil contract in Saudi Arabia, further expanding its footprint in the Middle East construction market with a villa development project awarded by ROSHN Group Company.
In a filing with Bursa Malaysia, the construction group said its indirect wholly owned subsidiary, MGB International For Industry, had accepted the award for mechanical, electrical and plumbing (MEP) systems as well as finishes works for 75 villas under the Marafy Al Arous Development Project, Phase 1A Zone B, covering Blocks 104, 105 and 106 in Saudi Arabia.
The contract is valued at SAR41.02mil, equivalent to about RM44.67mil. Works are expected to be completed within 300 calendar days, or around 10 months, from the commencement date specified in the employer's notice to proceed.
MGB said the contract is expected to contribute positively to the group's future earnings while strengthening its order book. It added that the project represents a strategic step in expanding its construction presence in Saudi Arabia in line with its long-term regional growth strategy.
The company said the award will not affect its issued share capital, while none of its directors, major shareholders or chief executive has any direct or indirect interest in the contract.
