Latest news with #RM186mil
The Star
4 days ago
- Business
- The Star
MGB's latest job win on track to achieve firm's FY25 order book target
PETALING JAYA: MGB Bhd 's latest contract win ensures earnings visibility and lifts its outstanding order book to RM1.2bil. This represents a healthy 2.1-times cover of Mercury Research's financial year 2025 (FY25) construction sector revenue forecast. Mercury Research maintains its FY25-FY26 earnings forecasts and RM700mil order-book replenishment target, as the latest contract win is within its expectations. Mercury expects MGB to remain on track to achieve its FY25 order-book replenishment target. This is supported by the upcoming LBS Bina Group Bhd 's planned RM2.6bil gross development value worth of property launches in the second half of FY25 and potential contributions from its own pocket land developments in Puchong and Cameron Highlands. Besides, MGB's first deal with Creed Group could pave the way for future wins from CI Medini's multi-phase Iskandar Puteri projects, diversifying its client base and strengthening revenue resilience. MGB has secured a RM186mil construction job from CI Medini Sdn Bhd to develop a two-phased serviced apartment in Iskandar Puteri, Johor. As the win is within Mercury's orderbook assumption, it has maintained its valuations. It reiterates its 'buy' call with an unchanged sum-of-parts-derived target price of RM1.09 a share. This values the construction division at 11 times the FY25 earnings per share and the property segment at a 40% discount to revalued net asset value. The research house continues to like MGB for its focus on affordable housing and healthy construction order book, complemented by its expertise in IBS solutions. The contract was secured from an external client rather than parent company LBS Bina Bhd.
The Star
5 days ago
- Business
- The Star
MGB Bhd secures RM186MIL contract for 802 units of service apartments in Medini, Johor
PETALING JAYA: Leading construction, property development solutions provider and manufacturer of precast concrete products, MGB Bhd (MGB), announced on Aug 12 that its wholly-owned subsidiary, MGB Construction & Engineering Sdn Bhd, was awarded a construction contract valued at RM186mil by CI Medini Sdn Bhd for the development service apartments in Medini, Iskandar Puteri, Johor. The project is expected to commence by Sept 1, consisting of a seven-storey car park podium, a guard post, a facilities floor, and two towers, which comprise Tower A (32 storeys, 405 units) and Tower B (31 storeys, 397 units). The contract value replenishes MGB's existing construction orderbook, increasing it from RM1.07bil as of July 31 to approximately RM1.21bil. The project also builds on MGB's growing portfolio in Johor, adding to the on-going development of Pangsapuri Saujana Indah in Johor Baru and the completed Laman Bayu project in Batu Pahat. Commenting on the contract award, the group's executive chairman Tan Sri Ir Dr Lim Hock San said, 'We are honoured to be entrusted with the responsibility for this Project. This award is a significant milestone for MGB's Southern Region developments, as we expand our presence in the region. Medini is a thriving township with great potential, and we are enthusiastic about completing the Project and leaving our mark on its growth.' MGB Bhd executive chairman Tan Sri Ir Dr Lim Hock San. Additionally, the award enhances MGB's pipeline of construction jobs and reinforces its commitment to delivering quality homes that enhance living spaces and build communities while creating long-term value for stakeholders. It continues to demonstrate resilience and competitiveness, bolstering market confidence while expanding its reach into strategic regions. The group also deepens its collaboration with reputable developers and strengthens its positioning for future growth opportunities, both within Johor and nationwide. Established in 2007, MGB Bhd is a subsidiary of LBS Bina Group Berhad that has evolved into a construction and property development solutions provider, primarily focusing on providing efficient and cost-effective solutions across a wide range of industries, in particular building mass market and affordable living spaces for generational living in Malaysia. Through its subsidiaries, the group provides a full range of design, construction and development services including design and build, project management, civil engineering, value engineering, geotechnical specialisation, and manufacturing in Industrialised Building System (IBS) precast concrete products. CI Medini Sdn Bhd is an affiliated company of the Creed Group, a real estate firm from Japan specialising in principal investment and property management.
