CITAGLOBAL SEALS RM373.5 MLN PERLIS INLAND PORT EPC CONTRACT

KUALA LUMPUR, Aug 30 (Bernama) -- Citaglobal Bhd (previously WZ Satu Bhd), via its wholly owned subsidiary Citaglobal Land Sdn Bhd (previously WZS BinaRaya Sdn Bhd), has sealed a RM373.5 million engineering, procurement and construction contract (EPC) from Inland Port Perlis Sdn Bhd (IPPSB).

In a filing with Bursa Malaysia today, the company said the contract is for the design, construction and equipping phase one of the Perlis Inland Port (PIP) for a period of 24 months, commencing from the date of site possession.

Citaglobal executive chairman and president Tan Sri Mohamad Norza Zakaria said the contract marked another significant milestone for Citaglobal and a testament to the company’s ability to secure high-value projects.

“Citaglobal is now on solid footing fundamentally, after a period of consolidation and streamlining of its businesses and operations.

“While we aim to execute our order book as efficiently as possible, our overall vision and focus are to further strengthen the company’s expertise in construction, telecommunications and renewable energy. Citaglobal is here to make its mark,” he said.

The contract was secured via a tender exercise undertaken by IPPSB and it has expanded Citaglobal’s existing order book as at June 30, 2022 to almost double, from RM381 million to approximately RM755 million.

This contract is expected to contribute positively to the company’s future earnings and net assets per share for the financial years ending December 31, 2022 until 2024.

IPPSB is the master developer for the PIP development on 202.45-hectare land.

Meanwhile, Citaglobal does not foresee any exceptional risk factors other than the normal operational risks associated with the EPC contract and will take the necessary steps to mitigate those risks as and when it occurs.

-- BERNAMA