Highlight Bina Puri gets contract to build RM129m resort

by **Cals** Thu 05 Mar 2015, 19:14

Highlight
Bina Puri gets contract to build RM129m resort

By Chong Jin Hun / theedgemarkets.com | March 5, 2015 : 12:46 PM MYT

[size=14]KUALA LUMPUR (Mar 5): [size=14]Bina Puri Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) has clinched a RM128.5 million contract to build a spa resort in Kuala Terengganu.
In a statement today, Bina Puri (fundamental: 0.15; valuation: 1.8) group managing director Tan Sri Tee Hock Seng said the planned beachfront Movenpick Spa Resort would be built on a 10ha (25 acres) site on the Chendering Beach. Bina Puri secured the project from Success Diar Sdn Bhd.
“In February 2002, Bina Puri successfully completed a road upgrading project from the roundabout Sultan Mansur to Kuala Berang stretch (package 2A) costing RM26.5 million.
"Our re-entry in Terengganu can only mean the group is prepared to expand and consolidate our business operations nationwide. With this contract, the group’s un-built book order stands at RM1.86 billion as at to date. We are confident of securing more projects in the upcoming year,” Tee said.
Tee said the Movenpick Spa Resort project would include eight blocks of two-storey, three-storey and five-storey buildings and nine pavilions. The project will also include a spa and multi-purpose building besides related facilities.
The project is expected to be completed in about 22 months.
"The Bina Puri group has been actively participating in the tender for projects both local and overseas, and would make the appropriate announcements on further projects secured to keep investors and the public informed from time to time," Tee said
At 12:30pm, Bina Puri shares fell two sen or 3.5% to settle at 55.5 sen for a market capitalisation of RM102.9 million.
[size=12](Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)[/size][/size]

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