VARIA WINS ANOTHER RM334.7 MILLION CONTRACT FOR FLOOD MITIGATION PROJECT IN KOTA TINGGI, JOHOR

Strategic Contract Win Continues to Strengthen Varia’s Infrastructure Portfolio and Orderbook

KUALA LUMPUR, 6 SEPTEMBER 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 secured a significant contract for the "Rancangan Tebatan Banjir Sungai Johor Fasa 1 Pakej 1" project, further expanding its infrastructure project portfolio. The contract was awarded by Ikatan Harmoni Sdn. Bhd. for the development of a reservoir and associated flood mitigation works in Kota Tinggi, Johor.

The total contract value amounts to RM334.7 million and PTM has been appointed as a sub-contractor for the project. The scope of the contract includes the construction of a reservoir and related works. This project’s completion date is set on 22 July 2029, covering a period of 60 months. The continuous stream of contract wins recently aligns with the Group’s strategic focus on securing high-value infrastructure contracts, further solidifying Varia’s role as a major player in Malaysia’s construction industry.

Datuk Benson Lau, Managing Director of Varia commented, "We are pleased to add another significant project to our portfolio, which demonstrates Varia’s growing expertise and capability in delivering large-scale infrastructure projects. This contract not only reflects the trust placed in us by our partners but also reinforces our commitment to contributing to Malaysia’s infrastructure development. With the inclusion of this new project, our order book now stands at RM2.57 billion, we are confident that our strategy of focusing on high-impact projects will continue to yield positive financial results for the Group."

To recap, Varia has successfully secured a series of significant projects in recent months. On 23 July 2024, PTM was awarded a RM555.0 million contract by Best Metro Builder Sdn. Bhd. for the design and construction of a comprehensive sewerage treatment plant in Penang, a project that aligns with Malaysia’s sustainability objectives and is scheduled for completion in March 2029. Shortly after, on 14 August 2024, PTM secured a RM61.5 million contract from Kemuncak Pesaka Sdn Bhd to develop educational facilities at Universiti Pendidikan Sultan Idris. In addition, the Group recently clinched a RM410.3 million contract for the 'Rancangan Tebatan Banjir Sungai Muar' project in Johor, further cementing its position as a key player in infrastructure development.