KUALA LUMPUR (Nov 2): Federal International Holdings Bhd (KL:FIHB) has secured a RM46.96 million contract to carry out structural works for a development project at PJ Selatan Sentral in Petaling Jaya, Selangor.

In a bourse filing on Monday (Nov 2), FIHB said its subsidiary, Federal Builders Industries Sdn Bhd, had accepted a letter of award from related party Perumahan Masteron Sdn Bhd.

The works cover the basement, podium, facilities and transfer floor of the proposed development.

The 13-month contract is expected to commence on Nov 16 and be completed by Dec 15, 2027.

Members of the Choy family, including founder and non-executive chairman Datuk Dr Choy Fook On and managing director Datuk Choy Wai Hin, are deemed interested in the project due to their directorships or shareholdings in FIHB and their connections to Perumahan Masteron. The latter is part of property developer Masteron Group, founded by family patriarch Fook On.

FIHB said it had previously obtained shareholders' approval for the related-party transaction through a mandate granted at its annual general meeting.

The company expects the project to contribute positively to its revenue and earnings for the financial year ending June 30, 2027 (FY2027), as well as subsequent financial periods until the contract is completed.

Shares of FIHB closed unchanged at 27 sen on Monday, giving the group a market capitalisation of RM39.1 million.