The contract will contribute positively towards the group’s earnings for FY23-FY25

by ANIS HAZIM / Pic by TMRgraphic

TAFI Industries Bhd has received a letter of award (LoA) for a turnkey construction contract worth RM115 million for the development and construction of service apartments.

In a bourse filing yesterday, the group via its wholly owned units, Tafi Home and Office Sdn Bhd, has received the LoA from Magna Park Sdn Bhd for the job at the Metro Kepong Phase 2D in Kepong Baru, Kuala Lumpur.

Magna also appointed Tafi’s wholly owned subsidiary TA Furniture Industries Sdn Bhd as the project management consultant to do all the necessary to ensure a smooth implementation of the project.

“This will include but not limited to the planning, monitoring, promotion, sales, marketing, administration and all other works that are required to complete the project,” it said.

The contract period shall be 48 months upon obtaining the approval of the building plan from authorities or 30 months upon obtaining the advertising permit by the developer or a date to be advised by the employer, whichever is later.

Tafi group CEO Datuk Seri Bryan Wong said securing the contract will contribute positively towards the group’s earnings for the financial year ending Dec 31, 2023 (FY23) to FY25.

“Tafi will continue to leverage on Tafi Home’s G7 licence issued by the Construction Industry Development Board, which allows it to tender for construction projects of unlimited value, to tender for higher value construction contracts from both the private sector and also government sector to further grow their revenue stream from construction contracts”, it added.

Tafi’s share price closed 2.35% or one sen lower yesterday, valuing the group at RM155.59 million.