TCS to acquire 25% stake in construction company for RM30m, plans free warrants
17th November 2020TCS Group secures condo, workers hostel contracts from Tropicana, Top Glove
KUALA LUMPUR: TCS Group Holdings Bhd’s (TGH) wholly-owned subsidiary, TCS Construction Sdn Bhd (TCSB) has secured a RM92.72 million contract from Tropicana Temokin Sdn Bhd (TTSB) for building construction and related external works for Tropicana Miyu.
The construction contract is for one block of 41-storey Tropicana Miyu condominium comprising 271 units situated in Petaling Jaya, Selangor.
TTSB is a joint-venture company in which Tropicana Corporation Bhd (TCB) has a 51 per cent stake.
TGH managing director Datuk Ir Tee Chai Seng said the company is happy to start 2021 on a positive note by securing these two contracts.
“TCB is a returning customer and this is our third time working in projects involving them. We are honoured to be awarded with the Tropicana Miyu contract and look forward to working with TCB.
“Additionally, the group is also delighted to secure a job from Top Glove Corp Bhd (TGCB), the world’s largest manufacturer of gloves,” he said in a statement today.
TCSB has previously secured a RM16.17 million contract from Top Quality Glove Sdn Bhd (TGSB), a wholly-owned subsidiary of TGCB for the construction of 2 blocks of workers’ hostel and one block of office building in Kuala Langat, Selangor.
“Since our listing in July 2020, the group has secured 5 contracts with a combined contract value of RM646.59 million.”
Looking ahead, we continue to participate in project tenders, especially for institutional buildings and infrastructure projects. All in all, the outlook for TGH remains bright premised upon our improved order book and our active participation in tenders,” Tee further said.
The overall duration of the Tropicana Miyu contract is for 32 months commencing in February 2021 with expected completion slated to be in October 2023.
Meanwhile, the TGSB workers’ hostel and office building contract has an overall duration of 11 months and commences in February 2021 with expected completion slated to be in December 2021.
Original Source: https://www.nst.com.my/business/2021/02/662505/tcs-group-secures-condo-workers-hostel-contracts-tropicana-top-glove
The construction contract is for one block of 41-storey Tropicana Miyu condominium comprising 271 units situated in Petaling Jaya, Selangor.
TTSB is a joint-venture company in which Tropicana Corporation Bhd (TCB) has a 51 per cent stake.
TGH managing director Datuk Ir Tee Chai Seng said the company is happy to start 2021 on a positive note by securing these two contracts.
“TCB is a returning customer and this is our third time working in projects involving them. We are honoured to be awarded with the Tropicana Miyu contract and look forward to working with TCB.
“Additionally, the group is also delighted to secure a job from Top Glove Corp Bhd (TGCB), the world’s largest manufacturer of gloves,” he said in a statement today.
TCSB has previously secured a RM16.17 million contract from Top Quality Glove Sdn Bhd (TGSB), a wholly-owned subsidiary of TGCB for the construction of 2 blocks of workers’ hostel and one block of office building in Kuala Langat, Selangor.
“Since our listing in July 2020, the group has secured 5 contracts with a combined contract value of RM646.59 million.”
Looking ahead, we continue to participate in project tenders, especially for institutional buildings and infrastructure projects. All in all, the outlook for TGH remains bright premised upon our improved order book and our active participation in tenders,” Tee further said.
The overall duration of the Tropicana Miyu contract is for 32 months commencing in February 2021 with expected completion slated to be in October 2023.
Meanwhile, the TGSB workers’ hostel and office building contract has an overall duration of 11 months and commences in February 2021 with expected completion slated to be in December 2021.
