PETALING JAYA (March 7): MGB Bhd, the subsidiary LBS Bina Group Bhd, had officially launched the Kertih Terengganu Industrial Park (KTIP) at Kemaman, Terengganu on Sunday (March 6). The project has a gross development value (GDV) of RM680 million.

Located in the East Coast Economic Region’s Special Economic Zone, the 1,007-acre KTIP is connected with ready infrastructure and facilities such as gas processing plants, oil refineries and ports (Kemaman Port and Kertih Port).

To encourage the development of KTIP, the state government has offered tax incentives to investors. Existing investors at KTIP include Arkema Thiochemicals Sdn Bhd and CJ Bio Malaysia Sdn Bhd, while US-based biochemical company Gevo is constructing a US$500 million (approximately RM2.1 billion) plant.

“MGB is looking forward to begin construction work at the Kertih Terengganu Industrial Park. We would like to express our appreciation to the Chief Minister of Terengganu, Datuk Seri Ahmad Samsuri Mokhtar for taking the time to grace and officiate our event. The Terengganu state government has rendered us with excellent support and we are excited to be working together with them and our JV [joint venture] partner to ensure the timely completion of the project,” said MGB group executive vice-chairman Tan Sri Lim Hock San.

The company aims to complete the construction of the infrastructure works for Phase 1 of the Kertih Project by 2024 and expects the project to contribute to the topline within the next year or two.

“We will continue to push forward to provide value-added technology solutions to our clients and tender for new projects that will boost our momentum, increase our construction order book and enhance stakeholders’ value,” Lim said.

In September 2021, MGB, via its wholly-owned subsidiary MGB Construction & Engineering Sdn Bhd (MGBCE), had signed a turnkey construction agreement with Retro Court Sdn Bhd to jointly develop the Kertih Project. The Kertih Project is part of KTIP, which is set to be Asia’s largest second-generation bio-refinery complex.

As the turnkey contractor, MGBCE will undertake the entire design, financing, construction and completion, sales and marketing plus credit administration of the Kertih Project.

The launch ceremony was officiated by Ahmad Samsuri, witnessed by MGB group managing director Datuk Wira Joey Lim Hock Guan and CEO Datuk Richard Lim Lit Chek. Also present at the event was the director of Retro Court Sdn Bhd Datuk Hendri Dahlan.