Permaju Wins RM1.2 Billion Construction Job from Reputable Developer

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Permaju Wins RM1.2 Billion Construction Job from Reputable Developer

Permaju Industries Bhd seems to be in the news lately for all the right reasons. Just today the New Straits Times (NST) reported that Permaju has won a construction contract worth about RM1.2 billion to undertake a massive property development project in Selangor.

  

The NST, quoting sources in the construction industry said the contract was awarded by a developer who has a big plot of land in the Seri Kembangan/Serdang area. The contract is to build more than 7,000 units of apartments over six to seven years. Wow! that is a lot. I am quite certain Permaju will do a good job in building all those units looking at the company's track record and expertise.

  

The tallest tower, it seems, will be over 50 floors thus making it also the tallest structure in the Seri Kembangan/Serdang area. Permaju, it seems, will undertake the contract on a design and build structure and the whole project will generate about RM2.4 billion in gross development value.  

  

The project was approved last year but construction is starting only this year because of the slow market conditions. Permaju is involved in the trading of motor vehicles, timber plantation, construction, and property development. This company has made interesting headlines recently by announcing a rights issue where it intends to raise some cash for expansion.

The Main Market-listed Permaju made some interesting headlines recently. On April 7, Permaju said it is looking into bottling and distributing Penaclo, a Hong Kong firm’s sanitiser product, for the Southeast Asian market amid the Covid-19 pandemic. Then on April 28, Permaju inked a memorandum of understanding with a local firm to sell the company's air purification products to its customers in the automotive sector, citing exponential demand growth for the product.  

Last month Permaju told Bursa Malaysia that it has incorporated a company named Permaju Glove Sdn Bhd (PGSB) to venture into the glove manufacturing business. The intended principal activity of PGSB is to manufacture, distribute, buy, sell and generally deal in rubber goods for industrial and commercial purposes and other related goods, wares and merchandise of every nature and description, it said. Shares of Permaju have been trading actively in recent weeks. Today the share rose to 33.5 sen from a low of 24.5 sen two weeks ago.

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