KUALA LUMPUR (June 23): Seremban Engineering Bhd (SEB) has received civil, structural and architectural (CO3) as well as mechanical, electrical and plumbing (CO4) works for Dutch Lady Milk Industries Bhd’s manufacturing plant in Nilai, Negeri Sembilan, amounting to RM172.6 million in total.
In a Bursa Malaysia filing, SEB said the CO3 works will commence for 382 days beginning Feb 7, 2022 and CO4 works will take 322 days beginning March 15, 2022.
Meanwhile, SEB has also awarded its major shareholder MIE Industrial Sdn Bhd a total contract sum of RM115 million in total for both CO3 and CO4 works in a related party transaction.
MIE Industrial owns 69.7% in SEB, according to SEB’s latest annual report.
In a separate local bourse filing, SEB also highlighted that it had accepted additional banking facilities amounting to RM80 million granted by United Overseas Bank (M) Bhd (UOB)for the purchase of materials, issuance of performance bond, warranty bond, guarantees in relation to the following contracts awarded by Dutch Lady.
Shares in SEB finished three sen or 2.61% lower at RM1.12, giving it a market value of RM89.6 million.