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KUALA LUMPUR (June 13): Vivocom International Holdings Bhd, whose share price has come under selling pressure in recent months, announced that its subsidiary — Vivocom Enterprise Sdn Bhd (VESB)— has been appointed to construct condominium blocks for the 1Malaysia Civil Servants’ Housing Programme (PPA1M) in Perak.
The contract amount for the project, the group said, is about RM195.23 million, according to its filing with Bursa Malaysia. However, the project will only commence upon site possession. Vivocom did not reveal the timeline for the construction.
Vivocom said VESB had accepted the letter of award (LOA) from SBA Property Management Sdn Bhd today to construct four blocks of 1,200 PPA1M condominium units located in Manjung.
Vivocom said it expects the project to contribute positively to the group’s earnings and net assets for the duration of the project in the future.
The company’s share price was unchanged at 12 sen today, valuing the group at RM371.94 million. — theedgemarkets.com
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