Cypark awarded RM109m contract from Selgate

PETALING JAYA (April 20): Renewable energy engineering company Cypark Resources Bhd on Thursday (April 20) announced that it had accepted a letter of award dated April 13 from Selgate Corp Sdn Bhd for the execution and completion of the remaining works for the proposed construction of a 10-storey private hospital, together with a six-storey parking lot in Rawang, Selangor.

The contract sum for the job is RM108.84 million, and it is targeted to be completed by Jan 29, 2024, with a construction period of nine months from the date of site possession or commencement.

Selgate is a wholly-owned subsidiary of Perbadanan Kemajuan Negeri Selangor.

This could be the largest construction contract that Cypark has bagged since the RM74.3 million contract to undertake road upgrading and associated works along Jalan Dutamas 2 awarded by TTDI KL Metropolis Sdn Bhd in March 2022.

According to Cypark, the board is of the opinion that the Rawang hospital project is in the best interest of the group, and the project is expected to contribute positively to earnings and net assets of the group.

Cypark closed at 76 sen per share on Thursday, giving it a market value of RM590.73 million. Year to date, the counter has gained 24 sen or 46.15%.