KUALA LUMPUR (July 21): Construction firm MGB Bhd (KL:MGB) said it has secured a contract for mechanical, electrical and plumbing (MEP), and finishing works for a villa development project in Saudi Arabia.
In a filing with the stock exchange, MGB said the contract was awarded to its indirect wholly-owned subsidiary MGB International For Industry by the Roshn Group Company, a single shareholder closed joint-stock company.
Under the latest 10-month contract, MGB International will be responsible for working on 75 units of villas for Phase 1A Zone B — Blocks 104, 105 and 106 under the Marafy Al-Arous Development.
The Marafy Al-Arous development is located in northern Jeddah, Saudi Arabia. It is a mixed-use waterfront destination being developed by the Roshn Group, according to its company website. It will feature floating restaurants, luxury hotels, premium retail stores, landscaped parks and scenic routes for pedestrians.
The group said the new project forms part of MGB’s expansion into Saudi Arabia, where the group has been seeking opportunities in the construction sector.
MGB and Roshn Group have collaborated together in numerous projects over the past years. On April 15, the company secured its latest job from the Roshn Group to build 75 residential villas in Jeddah, worth an estimated RM34.76 million.
Shares of MGB closed unchanged at 42.5 sen on Tuesday, valuing the group at RM251.5 million.