UEM Edgenta to stay focused in total asset management

KUALA LUMPUR (MAY 26): UEM Edgenta Bhd - formerly Faber Group Bhd - plans to stay focused in total asset management and will see the last of its property development projects once completed in 2017. It is also eyeing to grow its asset and facilities management portfolio in new areas like townships, energy and oil and gas. 

According to managing director and chief executive officer Azmir Merican “We do have a property development project. Once we complete it in 2017, it will be the last in our property portfolio. Moving forward, we will stay focused in total asset management.” 
The remaining gross development value for its property projects stood at some RM270 million.

UEM Edgenta has to date secured several major local and overseas contracts worth a total of RM4.72 billion he said.

Out of the total contracts secured, 1% of it is its property development projects;- The Chymes in Jalan Gurney and Prima Villa in Danau Desa- that are scheduled to be fully completed in 2017.

This was in lieu of the 11th Malaysia Plan (11MP) that was recently announced.

According to 11MP,  the government has allocated some RM260 billion for development expenditure with a view that the construction sector will grow 10.3% annually until 2020.

The allocation will impact companies like total asset and facilities services provider, UEM Edgenta Bhd.

“We are seeing opportunities in the 11th Malaysia Plan announcement. Examples would be the Pan Borneo Highway, SKLIA Expressway (Paroi-Senawang-KLIA-Salak Tinggi) and Damansara-Shah Alam Highway,” Azmir said after the group’s 52nd annual general meeting on May 25.

The group also has a 10-year concession agreement worth RM3.07 billion to provide hospital support services to more than 80 hospitals nationwide.