MGB bags another housing contract from LBS unit worth RM172 mil

KUALA LUMPUR (Aug 11): MGB Bhd has bagged another housing contract in Dengkil, Selangor from a unit of its major shareholder LBS Bina Group Bhd.

The latest contract, worth RM172.34 million, is for the development of two 24-storey blocks of affordable service apartments, said MGB in a Bursa Malaysia filing.

It was awarded to its wholly owned unit MGB Construction & Engineering Sdn Bhd by Kita Sejati Sdn Bhd, a subsidiary of LBS Bina, and is scheduled to be completed by Nov 30, 2023.

MGB said that with the contract in hand, the group’s current outstanding order book is about RM2.21 billion.

In September 2021, MGB Construction & Engineering was awarded a RM112.5 million contract by another LBS Bina unit to build 605 units of single storey and 41 units of double storey terrace homes in Dengkil.

Earlier, in February 2021, the MGB group had secured a contract worth RM442.81 million to construct affordable homes in Dengkil and Ijok, Selangor — from two units of LBS Bina.

MGB’s share price was last traded at 54 sen, giving the group a market capitalisation of RM316.64 million.