KUALA LUMPUR (Oct 27): Seremban Engineering Bhd (SEB) has secured a RM161.83 million contract for the construction of two apartment blocks near Genting Highlands.

The group said it has been appointed by IBN Highland Sdn Bhd to undertake the main building architectural works, mechanical and electrical works, and associated external works, for the two blocks of 29-storey apartments at Highland City, Genting Permai in Bentong, Pahang.

The engineering services group informed Bursa Malaysia that the 12-month contract commenced on Friday.

“The risk factors affecting the contract include execution risks such as materials price fluctuation, sub-contractors’ performance, availability of skilled manpower and cost for manpower, tools, and regulatory conditions required to perform the contract. Nevertheless, [the] SEB group will undertake all necessary efforts to mitigate the various risk factors identified,” said SEB.

As at end-June, SEB had RM63.43 million of total borrowings against deposits, cash and bank balances of RM11.8 million.

SEB’s share price finished flat at 80 sen on Friday, giving the group a market capitalisation of RM64 million.