BURSA Malaysia’s ACE Market-listed Kanger International Berhad, via wholly-owned subsidiary Kanger Ventures Sdn Bhd, has entered into a collaboration agreement with Vegetta Champion Sdn Bhd to develop two blocks of service apartments totalling RM478mil in Genting Highlands.
Under the terms of the collaboration agreements, Kanger Ventures will be responsible for the entire project management, financial and entire administration of the development while Vegetta Champion is appointed as the main contractor for foundation and main building works of the development.
Work on this project is expected to commence in June 2021 and will take approximately 48 months to be completed.
To recap, in addition to this project in Genting Highlands, Kanger International has previously bagged multiple construction projects with a total contract value of RM495.9mil on Jan 15 2021.
Today, Kanger International has accumulated a total construction orderbook of RM973.9mil for the Group’s construction division.
“We are pleased to work with Vegetta Champion and clinch yet another construction contract in Malaysia, ” said Kanger International executive director Steven Kuah Choon Ching.
“This orderbook will boost our construction division and enhance our Group’s revenue and earnings over the next few years.
“Looking ahead, we continue to look for business opportunities especially in the construction sector to keep up the positive momentum.”
Listed on the ACE Market of Bursa Malaysia since 2013, Kanger International together with its subsidiaries is principally involved in the manufacturing and trading of bamboo flooring, bamboo furniture, hardwood and laminated flooring, as well as related products.
It is the exclusive distributor of the CLASSEN brand high-end flooring products from Germany in the whole of China.
In 2015, Kanger obtained its shareholders’ approval to diversify into property development, investment and management.
The Group currently derives around half of its revenues from foreign exports, including to America, Asia, Europe, the Middle East and Africa.