Silver Ridge inks MoU to explore property development & construction

KUALA LUMPUR: SILVER RIDGE HOLDINGS BHD [] has inked a memorandum of understanding (MoU) with Qingjian International (South Pacific) Group Development Co Pte Ltd (Qingjian) to explore the expansion into property development, and mechanical and electrical engineering,

Qingjian, which is the Singapore branch of Qingjian Group Co Ltd (CNQC), is principally involved in building and CONSTRUCTION [].

Silver Ridge is mainly involved in providing telecommunication system architecture and design, next generation network solution as well as telecommunication related software solutions.

In a filing Wednesday, July 13, the ACE Market-listed Silver Ridge said the MoU was to explore the potential synergy of working together to expand into a business covering property management, property development, project contracting, constructing and mechanical and electrical engineering, including telecommunication and building ICT infrastructure.

The company said it was looking to grow and enhance shareholder value by expanding its operations and targeting more projects, especially through the collaboration into building projects.

“Silver Ridge sees potential value to be derived from CNQC strength in building and construction projects to gain contracts for in-building telecommunication, mechanical and electrical engineering and high tech ICT building infrastructure or integrated “smart home” concept.

It said Qingjian was an established developer with turnover in excess of S$520 million in 2010 and expected to surpass S$600 million in 2011, while the construction contract in hand was currently valued at S$900 million.