TAFI Industries win RM115 mil contract from Magna Prima to build serviced apartments in Kepong

KUALA LUMPUR (Sept 7): Furniture maker-cum-builder TAFI Industries Bhd has secured a RM115 million contract from Magna Prima Bhd to build serviced apartments in Kepong, Kuala Lumpur over four years.

TAFI Industries said its wholly owned subsidiary TAFI Home & Office Sdn Bhd (formerly known as Home & Office Furniture Sdn Bhd) accepted a turnkey construction contract awarded by Magna Park Sdn Bhd, an indirect wholly owned unit of Magna Prima.

Magna Park has also appointed TAFI Industries' wholly owned TA Furniture Industries Sdn Bhd as the project's management consultant.

TAFI Industries group chief executive officer Datuk Seri Bryan Wong said the contract will contribute positively to the group's earnings from the financial year ending Dec 31, 2023 (FY23) to FY25.

"TAFI group will continue to leverage on TAFI Home & Office's G7 licence issued by the Construction Industry Development Board, which allows it to tender for construction projects of unlimited value, to tender for higher value construction contracts from both the private sector and also government sector to further grow our revenue stream from construction contracts," he said.

Shares of TAFI Industries closed one sen or 2.35% lower at 41.5 sen per share today, giving it a market capitalisation of RM157.46 million.

Shares of Magna Prima, meanwhile, closed unchanged at 45 sen per share, valuing it at RM180.65 million.