Latest news with #MalaysianResourcesCorpBhd
The Star
21-05-2025
- Business
- The Star
Shah Alam project bolsters MRCB earnings
PETALING JAYA: The RM2.94bil Shah Alam Sports Complex project awarded to Malaysian Resources Corp Bhd (MRCB) by Menteri Besar Selangor Inc solidifies the company's engineering and construction expertise in large-scale public infrastructure, according to MIDF Research. It said this project builds on MRCB's track record from the successful delivery of the KL Sports City redevelopment in 2017. 'This latest undertaking is expected to enhance MRCB's technical standing, especially in public-sector and sports-related infrastructure,' the research house said, noting that this would be the company's fourth major contract in 2025. It added that projects won by MRCB this year would bolster the medium-term earnings visibility and reinforces confidence in the company's ability to consistently replenish its order book, where the construction order book stood at RM26.1bil as at end-December 2024. For this year, the order book has grown to RM6bil. As the contract sum for the project would be settled via a combination of cash and land, MIDF Research expects that the land swap, to be capped at RM200mil and subject to mutually agreed valuation, could present future upside in replenishing the company's property development inventory and support earnings. MRCB's landbank gross development value (GDV) stood at RM37.8bil as at end-December 2024, with additional parcels such as land in Cyberjaya still pending GDV confirmation. MIDF Research has maintained a 'buy' recommendation on the stock and maintained target price for the shares at 56 sen. It has kept its earnings forecast unchanged pending the release of the company's first quarter ended March 31, 2025 results to be released on May 30. It noted that together with the projects awarded this year and the reinstatement of five LRT stations, the latest project underscores the recommendation.
New Straits Times
16-05-2025
- Business
- New Straits Times
MRCB bags RM2.94bil contract to build Shah Alam sports complex
KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) has secured a contract to develop the Shah Alam Sports Complex (KSSA) worth RM2.94 billion. The letter of acceptance was issued by Menteri Besar Selangor Incorporated (MBI) to Lembaran Prospek Sdn Bhd, a wholly-owned subsidiary of MRCB Land Sdn Bhd, which in turn is a subsidiary of MRCB. The handover ceremony was witnessed by Raja Muda of Selangor Tengku Amir Shah Sultan Sharafuddin Idris Shah, Selangor Menteri Besar Datuk Seri Amirudin Shari and Selangor state secretary Datuk Dr Ahmad Fadzli Ahmad Tajuddin. In a statement, MRCB said the project includes the demolition works, which are presently nearing completion and spans a 48-month construction period, with completion targeted for 2029. "The KSSA development represents a bold transformation of Shah Alam into a vibrant, multi-functional urban precinct that reflects the shared vision of the state's leadership and MRCB's expertise in integrated urban developments," it said. The KSSA will feature multi-purpose destination for sports, culture and commerce, including a modern stadium with a retractable pitch, two training fields and upgraded infrastructure. Anchored by a 45,000-capacity stadium with a retractable pitch, the project will integrate community, commerce and infrastructure across a 310,000 square metres of green flora sanctuary. The development will also include a green recreational zone, lifestyle mall, youth entrepreneurship platforms and cultural spaces. There will also be a landscaped botanical garden, jogging and cycling paths and pedestrian-friendly walkways, along with flood mitigation features like retention ponds and wetlands and biodiversity zones. Public amenities will include open community spaces and a Bazarena. The site will benefit from seamless accessibility through its integration with the nearly completed Light Rail Transit 3 (LRT3) line, enhancing connectivity between Kuala Lumpur and Selangor. "With our proven track record in urban regeneration and sustainable infrastructure, we are committed to building more than a stadium, we are creating a living, breathing destination for the people of Selangor," MRCB chairman Datuk Mohamed Nasir Ab Latif said in the statement.
The Star
16-05-2025
- Business
- The Star
MRCB to construct RM2.94bil Shah Alam Sports Complex
KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) via a sub-subsidiary has accepted a contract from the Selangor state government to construct the Shah Alam Sports Complex (KSSA). In a statement, the group said Lembaran Prospek Sdn Bhd, a unit of MRCB Land Sdn Bhd, which is in turn a wholly-owned subsidiary of MRCB, signed the RM2.94bil contract with Menteri Besar (Incorporated) (MBI). The construction project includes the demolition works of the old Shah Alam stadium, which are currently nearing completion. Slated for completion in 2029, the project will span a 48-month period and tansform the sports complex into a new economic, social and environmental landmark in Selangor. "The KSSA development represents a bold transformation of Shah Alam into a vibrant, multi-functional urban precinct that reflects the shared vision of the State's leadership and MRCB's expertise in integrated urban developments," said the statement. Anchored by a 45,000-capacity stadium with a retractable pitch, the project will integrate community, commerce, and infrastructure across a 310,000m² green flora sanctuary. According to MRCB, the stadium, which was previously utilised less than 30 times a year, mainly for football matches, will be redefined as a dynamic, year-round destination. "We are humbled to be entrusted with delivering this visionary project for the State of Selangor,' said MRCB chairman Datuk Nasir Mohd Nasir Ab Latif. 'With our proven track record in urban regeneration and sustainable infrastructure, we are committed to building more than a stadium, we are creating a living, breathing destination for the people of Selangor.'
