KUALA LUMPUR (Aug 16): Eversendai Corp Bhd said it had secured RM188 million worth of projects in Saudi Arabia and India for structural steel works.

In a bourse filing on Wednesday (Aug 16), the company, however, did not reveal the parties that awarded these jobs to it.

“We are in the process of finalising a local partner to spearhead Eversendai's expansion and growth in Saudi Arabia,” said group managing director Tan Sri AK Nathan in a statement to the bourse.

“We are also in the process of establishing a factory with an annual fabrication capacity of 60,000 tons near Riyadh to support the huge structural steel requirement," he added.

The group, which was loss-making since the fourth quarter ended Dec 31, 2019 (4QFY2019) before turning profitable in 1QFY2023, said diversifying into the Saudi Arabia economy is “vital” to Eversendai’s sustainability.

Eversendai said it is optimistic and had stepped up efforts to secure more projects.

“These structural steel projects are highly complex, befitting Eversendai’s technical capabilities and colourful landmark track record in executing projects in 18 countries, while adhering to safety, quality and timely completion,” it told Bursa Malaysia.

Shares in Eversendai were trading unchanged at 13.5 sen at Wednesday's noon market break, giving it a market capitalisation of RM105.45 million.