KUALA LUMPUR (Nov 2): Signature Alliance Group Bhd (KL:SAG) said it has secured a RM51.56 million contract to undertake the redevelopment  of  the Underwater World Langkawi aquarium on the island.

The group said the contract was awarded to its wholly owned subsidiary, Zig Zag Builders (M) Sdn Bhd, on Monday (Nov 2) by the aquarium's owner and operator, Underwater World Langkawi Sdn Bhd.

Underwater World Langkawi, located in Pantai Cenang, has been operating since August 1995. It is part of Main Market-listed Eden Inc Bhd (KL:EDEN).

The 18-month redevelopment and refurbishment project is scheduled to commence on Nov 13, said Signature Alliance in a bourse filing, adding that it is expected to contribute positively to the group's earnings and net assets during the contract period.

In a separate statement, Signature Alliance said the contract was not included in its previously reported unbilled order book of RM228.6 million as at June 30, 2026.

Zig Zag Builders had previously completed a project worth more than RM40 million in Langkawi, involving interior fit-out, cabinetry, joinery, built-in furniture and related works for two blocks of serviced apartments at a commercial hotel property.

“The approximate RM52 million contract is an important addition to our project portfolio and reflects the direction we have set for Signature Alliance Group, which is to secure larger value projects while remaining disciplined on execution and margins,’ said its executive director and group chief executive director Datuk Chang Chung Fei.

Chang said the group has direct experience working in Langkawi and that familiarity with the local operating environment and logistics will be useful for this new project.

As at June 30, the group had a net cash position of  RM80.2 million, said Signature Alliance.

Underwater World Langkawi remains an anchor attraction within the island’s tourism sector. Langkawi recorded approximately 3.2 million visitor arrivals in 2025, according to the Langkawi Development Authority.

Signature Alliance’s share price closed unchanged at 62.5 sen, giving the group a market capitalisation of RM625 million. The stock was listed in June last year with an initial public offering price of 62 sen.

Eden shares rose half a sen, or 3.33%, to settle at 15.5 sen, giving the group a market value of RM78 million.