Gagasan Nadi Cergas secures RM110 mil contract for residential development

KUALA LUMPUR: Gagasan Nadi Cergas Bhd (GNCB), which will be listing in ACE Market of Bursa Malaysia today (Tuesday), received a letter of award (LOA) from Putrajaya Homes Sdn Bhd (PHSB) for the construction of a three-story residential building for RM109.98 million.

The contract was awarded to GNCB’s wholly owned subsidiary Nadi Cergas Sdn Bhd (NCSB), the company filing to Bursa Malaysia said.

The contract entails the construction and completion of public residential development which consist of 2 blocks of 16 storey and 17 storey apartments, comprising 463 units and 3 storey multilevel car park and common facilities at Precinct 11, Putrajaya.

The contract also include upgrading works at part of green area and buffer zone.

According to the filing, the Contract is secured following an invitation to participate in a tender from PHSB in August 2018.

The contract will not have any effect on the share capital and shareholding structure of GNCB and expected to contribute positively to GNCB and is subsidiaries’ earnings and net assets per share from the financial year ending 31 December 2019 onwards.

Source: NST