Siab secures RM89.57mil construction contract


KUALA LUMPUR: Siab Holdings Bhd has secured a contract value RM89.57mil from SDM Assets I Sdn Bhd to assemble an industrial constructing situated in Klang, Selangor.

In a submitting with Bursa Malaysia, the constructing construction companies supplier, stated its wholly-owned subsidiary, Siab (M) Sdn Bhd accepted a letter of award (LOA) dated awarded by SDM Assets.

Siab is contracted to construct a 2-storey warehouse with workplace house on the mezzanine stage, {an electrical} substation, guard home, widespread services (together with prayer rooms, eating space and waste chamber), tank home and pump, and M&E space.

The venture is predicted to be accomplished inside 12 months from the graduation date.

Siab group managing director Ng Wai Hoe stated: “We remain optimistic of our outlook given our strategic approach on expanding our order book and improving our operational efficiency through utilisation of the proceeds raised from the IPO.”

“Coupled with the recovery of the Malaysian economy and pent-up demand for properties, we should be able to secure more contracts this year.

“Siab will continue to actively partake in project tendering to ensure that we seize the opportunity arising from the recovery of the pandemic,” he added.

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