KUALA LUMPUR (March 28): Ikhmas Jaya Group Bhd has been appointed as the main contractor for a mixed development project by Gallimont Development Sdn Bhd for RM173.5 million.

In a filing with Bursa Malaysia today, Ikhmas Jaya secured the project via its wholly-owned subsidiary Ikhmas Jaya Sdn Bhd. The latter has agreed to and has accepted the terms and conditions of the letter of award from Gallimont Development for the appointment.

Under the contract, the engineering, construction and piling specialist was tasked to undertake main building works for a 49-storey serviced apartment (364 units), which comprises a podium block with commercial lots and management offices, a seven-storey car park, common facilities and three floors of underground car park along Persiaran Stonor here.

"The subcontract work is for a period of 40 months and is expected to commence on April 15 and completed by Aug 15, 2019," it said.

"The abovementioned project is expected to contribute positively to our earnings and net assets for the financial year ending Dec 31, 2016 (FY16)," it added.

Shares in Ikhmas Jaya closed up 0.5 sen or 0.74% at 68.5 sen, with a market capitalisation of RM358.8 million.