News & Events

TCS bags RM130 mil related-party contract to build apartments in Kuala Langat

30th July 2024

KUALA LUMPUR (July 30): Building and infrastructure construction company TCS Group Holdings Bhd (KL:TCS) has secured a RM130.15 million contract to undertake the construction of serviced apartments in Selangor, in a related party transaction.

The 630-unit serviced apartment project, known as Arcadia Residences, is located in the Kuala Langat district, the company said in a bourse filing.

It said the three-year contract was awarded by Saujana Permai Development Sdn Bhd, a wholly owned subsidiary of CDB Group Holdings Sdn Bhd.

The contract is deemed a related-party transaction, as TCS managing director Datuk Tee Chai Seng and his spouse Datin Koh Ah Nee are directors and major shareholders of Saujana Permai by virtue of their shareholding in CDB Group.

According to TCS' 2023 annual report, Tee is the largest shareholder of the company, with a 56.68% stake as of March 29, 2024.

TCS said it intends to fund the project using internally generated funds and/or borrowings.

TCS shares closed unchanged at 15 sen on Tuesday, valuing the group at RM90 million.

Original Source: https://theedgemalaysia.com/node/721004