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KUALA LUMPUR, 14 JULY: Sand Nisko Capital Bhd (SNC), a furniture manufacturer, has won RM34.52 million in building work projects from linked party DPS Resources Bhd (DPS).
SNC said in a market statement today that its wholly-owned subsidiary Len Cheong Industries Sdn Bhd has received seven letters of awards (LOAs) from Shantawood Sdn Bhd, a wholly-owned subsidiary of DPS, for various property development projects in Melaka.
The construction work includes the construction of landed dwellings, an electrical substation, and infrastructure and factory expansion.
Datuk Seri Sow Chin Chuan, a big shareholder and executive chairman of SNC, is also a major shareholder and executive chairman of DPS.
SNC’s managing director Emily Sow Mei Chet said in a separate statement that the work is expected to begin in August 2021 and be finished in July 2023, barring any unforeseen circumstances.
“We expect this project to have a beneficial impact on our financial year ending December 31, 2021 and onwards, until the contract expires,” she said.
She is also bullish about the property development sector’s resurgence, stating that SNC will engage in more tenders in the future to maintain the company’s profits visibility.
SNC closed at RM1.31 today, up 13 sen or 11.02 percent, valuing the company at RM135.14 million.
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