TAFI bags RM11m Escape theme park construction in Tanjung Tualang

by NURUL SUHAIDI

TAFI Industries Bhd (TAFI) has bagged  a RM11 million contract to build a theme park in Tanjung Tualang in Perak’s Kinta district.
 
TAFI’s wholly owned subsidiary TAFI Home & Office Sdn Bhd (TAFI H&O) was awarded the job by TT5 Theme Assets Sdn Bhd which will run for 18 month starting Feb 15, 2023. 

 
The job scope is to construct, test and commission, completion and hand-over the theme park, the company said in an exchange filing yesterday.

The Muar-based company said the contract is expected to contribute positively to the company’s earnings and net tangible assets (NTA) for the financial years ending Dec 31, 2023 (FY23) and FY24.

The project also involves Singapore-listed Sim Leisure Group Ltd, led by executive chairman Datuk Sim Khoo Cheng, which developed Escape Penang theme park. The announcement yesterday did not mention Sim Leisure Group or provide details of the owners of TT5 Theme Assets.

In a separate statement, TAFI group CEO Bryan Wong Sze Chien said that the earlier RM205 million construction contract from Metbuild Sdn Bhd; RM23.6 million construction contract from Lambaian Delta Sdn Bhd; and the RM115 million turnkey construction contract secured from Magna Prima Bhd’s indirect subsidiary namely Magna Park Sdn Bhd will further enhance TAFI’s earnings and NTA for FY23 to FY25.

He said the group’s existing RM30 million construction contract for Permas City project from Buana Tunggal Sdn Bhd, together with the estimated RM6 million share of the net gross development value proceeds of certain units of properties under the Permas City project, will contribute positively towards TAFI’s earnings for FY22 and FY23.

TAFI, principally involved in the manufacturing and trading of furniture for export and local markets, has also diversified into property development and construction related businesses.

TAFI H&O holds a G7 licence issued by the Construction Industry Development Board (CIDB) that allows it to tender for construction projects of unlimited value.

Wong holds an indirect 52.51% stake in TAFI via Armani Synergy Sdn Bhd, according to a recent exchange filing.

Tafi shares ended yesterday’s trade at 58.5 sen, valuing the company at RM222 million.