VARIA SECURES RM61.4 MILLION EDUCATIONAL FACILITY CONSTRUCTION CONTRACT IN PERAK

New Project Win with Kemuncak Pesaka Sdn Bhd Expands Varia’s Presence in the Education Sector

KUALA LUMPUR, 14 AUGUST 2024 – Varia Berhad ("Varia" or the "Group"), an experienced player in the field of construction and property development, is pleased to announce that its wholly-owned subsidiary, Pembinaan Teguh Maju Sdn. Bhd. ("PTM"), has been awarded a Letter of Award (“LoA”) by Kemuncak Pesaka Sdn Bhd. The contract, valued at RM61.4 million, is for the construction and completion of the main building and external works for an educational facility at Kampus Sultan Azlan Shah (KSAS), Universiti Pendidikan Sultan Idris in Tanjong Malim, Perak, known as “Cadangan Mereka Bentuk, Membina, Menyiapkan, Menguji dan Mentauliah Pembinaan Asrama Pelajar, Pusat Antarabangsa dan Mobiliti, Pusat Kemahiran Bahasa, Ruang-Ruang Sokongan dan Infrastruktur Luaran, serta Kerja-Kerja berkaitan dengannya” (“Project”).

The Project involves the design, construction, completion, testing, and commissioning of various educational facilities, including student dormitories, an international and mobility center, a language skills center, support spaces, and related external infrastructure. The contract work is set to commence on 19 August 2024 and is expected to be completed by 31 March 2027, covering a duration of 31 months.

This contract is poised to positively impact Varia's earnings over the relevant financial periods within the duration of the contract. Additionally, this engagement reflects Varia’s growing influence in the educational sector and is aligned with its strategy to diversify its project portfolio across different industries.

Datuk Benson Lau, Managing Director of Varia said, "This new contract in Tanjong Malim is a testament to PTM’s capabilities and Varia's expanding footprint in the construction sector, specifically in educational infrastructure. It not only enhances our order book but also strengthens our commitment to contributing to educational development in Malaysia."

The contract also embodies Varia’s commitment to excellence and sustainability in construction, ensuring that all works are executed with minimal environmental impact and adhere to the highest standards of quality and safety.

As of 14 August 2024, 12:30 p.m., Varia’s share price stands at RM1.04 with a market capitalisation of RM 442.0 million.