KUALA LUMPUR (Jan 15): Construction group Southern Score Builders Bhd (KL:SSB8) has won a contract amounting to RM78 million for the proposed upgrading works to a detention pond in Kuala Lumpur, in a related party transaction.
The contract was awarded by property developer Seribu Megah Sdn Bhd, which is a wholly owned by Radium Development Bhd (KL:RADIUM), to Southern Score's wholly owned subsidiary Southern Score Sdn Bhd (SSSB), the group said in a bourse filing on Wednesday.
The contract is considered a related party transaction as the siblings of Southern Score's managing director Tan Sri Gan Yu Chai — namely Gan Kah Siong, Gan Kok Peng and Gan Tiong Kian — are major shareholders and directors of Radium.
The contract period of the project will be for 12 months, commencing on Wednesday (Jan 15) until its projected completion on Jan 14, 2026.
Southern Score is in the process of transferring its listing from the ACE Market to the Main Market of Bursa Malaysia.
Formerly known as G Neptune Bhd, the group was involved in IT services prior to transforming into a construction company specialising in high-rise residential construction management following a reverse takeover by SSSB in November 2022.
For the full year ended June 31, 2024 (FY2024), Southern Score’s net profit jumped 24.26% to RM31.45 million from RM25.31 million a year ago, as revenue surged 74.32% to RM170.72 million from RM97.93 million.
Its shares were down five sen or 8.55% to close at 53.5 sen on Wednesday, for a market capitalisation of RM1.21 billion.