KUALA LUMPUR – Cymao Holdings Bhd’s wholly owned subsidiary Billion Apex Sdn Bhd has received a letter of award (LOA) from HYC Properties Sdn Bhd for a sub-contract worth RM134.02 million.
The plywood producer, which is diversifying into construction and project management, said the LOA includes site clearance, hoarding and earthwork on a proposed mixed development project in Batang Padang, Perak.
Cymao said the work will be completed within 24 months after approval from the relevant authorities for the project have been obtained.
“The scope of work includes carrying out and completing site-clearing, hoarding and earthwork, as well as provision of labour, tools, machinery, equipment and materials,” it said in a filing with Bursa Malaysia today.
The company also said it will be seeking shareholder approval for the proposed diversification of the group’s principal activities to include construction, project management and related activities at its extraordinary general meeting on February 9.
Upon obtaining shareholder approval, the company will enter a definitive contract in relation to sub-contract work with HYC Properties.
Barring any unforeseen circumstances, Billion Apex will submit the application for a construction licence to the Construction Industry Development Board in the second quarter of this year.
In the meantime, Billion Apex will identify and appoint a qualified sub-contractor with the requisite licences to undertake the award. – Bernama, January 20, 2021
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