Photo shows an artist’s impression of the project secured by Vivocom, valued ar RM160 million.
KUCHING: Vivicom Intl Holdings Bhd (Vivocom) has secured a contract worth approximately RM160 million in Perak, the second it has secured from the state.
The company in a filing to Bursa Malaysia yesterday said its subsidiary company, Vivocom Enterprise Sdn Bhd (VESB), had on May 5 entered into heads of agreement (HoA) with De Facto Integrated Sdn Bhd (De Facto) to be the turnkey contractor for the development on a piece of land located at Wilayah Sultan Azlan Shah Mukim Hulu Kinta, Kinta District, Perak.
Subject to the execution of the final agreement, De Facto will appoint VESB as the main contractor for the project at an estimated contract value of RM160 million comprising of mixed development.
The final agreement for the project, to be signed by the parties by May 15, will appoint De Facto as the developer to develop the land with an estimated gross development value (GDV) of approximately RM200 million to build one tower of Mediplex and one tower of service suite.
“This RM160 million project is expected to contribute to our earnings and is yet another milestone in Vivocom construction division’s ventures into Perak,” said the company’s executive director Choo Seng Choon in a statement.
This latest win from Vivocom follows its maiden contract win in Perak, having successfully secured a RM90 million contract last month.
Vivocom has secured projects totaling more than RM1.36 billion to date, including RM594 million from CRCC Malaysia, a subsidiary of China’s construction behemoth China Railway Construction Corporation Ltd.
On top of that the Group’s construction pipeline has grown to about RM3 billion in contracts at the finalisation stage.
“Having successfully secured two projects totalling RM250 million in Perak, we hope to top these two wins with add another milestone as continue to make inroads to establish a presence in the state of Perak,” said Choo.
Last week, the company announced that it had secured a RM90 million mixed development project from Green Ventures Development Sdn Bhd in Batu 10, Chepor, Perak.
“Vivocom’s construction arm so far has garnered a project pipeline of RM3 billion, and we hope to formalise the projects in the pipeline as wins as soon as possible,” he added.
Choo also said that the company shall be announcing its first quarter results very soon, and most likely in the next week or so.
“Our loyal shareholders should be very pleased and can look forward to a strong set of price-moving earnings,” he concluded.