KUALA LUMPUR: Bina Puri Holdings Bhd has bagged a RM94.94 million contract to construct civil works in a steam cracker complex within the site of Petroliam Nasional Bhd’s RM60-billion Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor.

Construction works include earthwork, foundation for equipment, fire proofing, installation for PC rack and road, floor (including chemical floor) and paving in Area B of the complex.

The contract will begin in January 2016, with completion within 27 months.

In a filing with Bursa Malaysia yesterday, Bina Puri (fundamental: 0.15; valuation: 2.6) said its wholly-owned subsidiary Bina Puri Sdn Bhd had accepted a letter of award from Toyo Engineering & Construction Sdn Bhd on Aug 12 to undertake the project.

The project is expected to contribute positively to the net assets and earnings of Bina Puri group for the financial year ending Dec 31, 2016.

“With the latest award, the group’s unbuilt order book stands at RM2.72 billion to date. With this award, we have managed to secure RM933 million projects in 2015,” said Bina Puri.

“We are still actively tendering for various projects both locally and overseas. We hope there will be more new projects before year end,” it added.

In a separate statement, Bina Puri group executive director Matthew Tee said the contract marked the builder's first sizeable construction project in the oil and gas sector.

“It is testament to the group’s versatility and competency in using advanced construction techniques that meet the exacting requirements of the scope of work,” he said.

Bina Puri shares closed up 4.23% to 37 sen yesterday, with a market capitalisation of RM80.53 million.

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This article first appeared in digitaledge Daily, on September 4, 2015.