Sunday 19 May 2024
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KUALA LUMPUR (April 8): Inta Bina Group Bhd has secured a contract worth RM348.92 million for a mixed development project in Shah Alam, Selangor.

In a bourse filing on Monday, the construction outfit stated that its wholly owned subsidiary Inta Bina Sdn Bhd had accepted the letter of award from Eco Ardence Sdn Bhd to undertake the main building works for the proposed Maya Integrated Development.

The first phase will encompass the construction of commercial shop lots, an office tower, a podium car park, and Tower A facilities deck. It is slated to commence on April 15 and is expected to last 33 months, concluding on Jan 14, 2027.

Meanwhile, the second phase will include the construction of serviced apartments in Tower A and Tower B, along with Tower B facilities deck. This phase is also scheduled to commence on April 15 and will span 39 months, ending on July 14, 2027.

Inta Bina indicated that the company intends to finance the contract through internally generated funds and external borrowings. Additionally, the group anticipates a positive contribution to its future earnings throughout the duration of the contract.

"The board of directors of Inta Bina, after due consideration, is of the opinion that the contract is in the best interest of the group. The contract is being entered into in the ordinary course of business and is not subject to the approval of shareholders," it added.

Shares in Inta Bina closed half a sen or 1.47% higher at 34.5 sen, valuing the group at RM186.51 million.

Edited ByLiew Jia Teng
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