This problem should have been a long time until GDB cannot afford to lose further and thus suspended the project. Not easy to settle. Better stay away from it as the impairment is about RM100 mil or 10 cents of GDB NTA while GDB has been able to make only RM 25-28 mil net profit a year. Other projects may also follows this 8 Conlay problem. No body know.
No suggestion yet. We only know facts. So profitable project by KSK Land after collecting phase to phase money, the cash was more than sufficient to be paid to GDB. The HQ i.e. KSK Group is the culprit sucked the cash out but unable (running out of cash) to put back the money to KSK Land.
KSK has no cash. Pertaining to the publications by some news outlets on the status of works in 8 Conlay Project, the Board of Directors of GDB wishes to make an announcement that Grand Dynamic Builders Sdn. Bhd. (“GDBSB”), a wholly-owned subsidiary of the Company had served a suspension notice to Damai City Sdn. Bhd. (“DCSB”) on 16 August 2022, which is pursuant to and within the terms stipulated in the agreement and contract. Both GDBSB and DCSB are in talks with the aim of resolving the matter amicably. The Company will make the necessary announcement upon any significant development. This announcement is dated 29 August 2022.
I have never force them to pay me the dividend and it is their willingness to share profits according to their willing set dividend policy. How many counters in Bursa are willing to share their profit and set up a dividend policy? You ? ha Ha Ha!
如果你有在吉隆坡买8 Conlay kuala lumpur房子的，这侧新闻你可能要留意了！ 8 Conlay 主要承包商发给分包商的信函，说根据合同的相关条款，叫他们暂停执行分包工程。 根据The Edge Markets报道，主承包商已经正式停工的消息但拒绝进一步置评。
News from The Edge Markets on 18/8/2022 where this article is no longer available in their webpage. A spokesperson for GDBSB confirmed the suspension of works at 8 Conlay project when contacted by The Edge on Thursday (Aug 18), but declined to comment further
8 Conlay. According to New Straits Times, KSK Land recently mentioned that the 8 Conlay project is on track and remains committed to delivering on its obligations. This comes after some news outlets (e.g. Nanyang, SinChew, etc.) reported that GDB has suspended works on the project, quoting a deleted article published previously by The Edge. In the meantime, GDB has not commented on the matter, perhaps due to client confidentiality reasons. Based on our estimation, the project forms ~75% of GDB’s unbilled orderbook with receivables plus contract assets of ~RM100m.
The Board of Directors anticipate a challenging outlook for the financial year ending 2022 due to prolonged labour shortages issues, higher construction costs from material prices and labour costs as well as higher preliminaries costs due to prolongation of construction period which exerted pressure on the Group’s profitability for on-going projects. Besides that, the persistently high construction costs may lead to property developers deferring new launches, hence affecting our pipeline of project tenders as well as our new contract wins moving forward. The Group will remain vigilant by undertaking necessary prudent measures to mitigate the adverse impacts of rising construction costs, thus ensuring stability of its finances and business operations. In addition, proper SOPs have been put in place to ensure smooth progress and to avoid interruptions of construction activities. Barring unforeseen circumstances, the Group is cautious of its performance for the financial year ending 31 December 2022.