MRCB among Pudu Jail site redevelopment bidders

Group currently tendering for RM2bil worth of projects KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) is bidding for the redevelopment of Pudu Jail site. “We have an interest (in doing the project) but it is more of Uda Holdings Bhd's show. We are just one of the bidders,” chief executive officer Datuk Mohamed Razeek Hussain
said at a briefing after its AGM yesterday. He, however, did not
provide details of the project that his company is bidding for. A
local business weekly reported that Uda Holdings had shortlisted 10
companies including three from overseas for the redevelopment of the
former Pudu Jail site. The project's gross development value is
estimated at RM5bil. Razeek said the group was currently
tendering RM2bil worth of contracts including building projects and
packages of the light rail transit extension for the greater Klang
Valley project, which was part of the National Key Economic Area. “We
have quite a lot on our plate. We are also planning other projects in
the pipeline. Penang Sentral has found its legs. We have submitted plans
for approvals,” he said. The construction and property company
currently has an outstanding order book of RM1.6bil which will last the
group over two to three years. Razeek said its projects in KL
Sentral alone was worth RM4.2bil and would be launching more projects
next month and in the fourth quarter. To a question, he said MRCB was not looking at any merger or acquisitions for the time being. “It didn't happen,” Razeek said referring to the proposed merger between MRCB and IJM Land Bhd which has been scrapped off as both parties were unable to reach a definitive agreement. He
said MRCB would not merge for the sake of merging the company but would
like to merge if the deal enhances its shareholders' value. “As for
now, there's no merger, no candidates.” Meanwhile, MRCB aims to
grow its pre-tax profit by 54.6% to RM150mil and revenue to hit RM1.3bil
for the current financial year ending Dec 31, 2011 (FY11). For
FY10, MRCB posted a pre-tax profit of RM97mil and revenue of RM1.06bil.
Its net profit for the period stood at RM67.3mil. Razeek said the
targets were its key performance indicators for the current financial
year. “Our growth is mainly driven by the property and construction segment as well as our existing projects,” he said. MRCB and Ekovest have recently formed a joint-venture company, KL Bund Sdn Bhd, in relation to the River of Life project to rehabilitate the Klang and Gombak rivers. Both
companies received letters of intent for the river rehabilitation job
from KL City Hall on Feb 22. The value of the contract has not been
revealed. Razeek said it was still negotiating with the Government on the value.