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Property News

Inta Bina unit clinches RM206m contract from Southville City

KUALA LUMPUR (Aug 15): Construction outfit Inta Bina Group Bhd’s unit has clinched a contract from Southville City Sdn Bhd for related works at Phase 1 and 2 of SouthvilleCity-M Sinar for RM206 million — an amount that is almost double its market capitalisation.
In a filing on Tuesday (Aug 15), Inta Bina said its wholly-owned unit Inta Bina Sdn Bhd had last Friday (Aug 11) accepted the letter of award from SouthvilleCity for the main building works, earthworks, piling & pile caps, substructure works, ancillary buildings, infrastructure works, interior design works and landscape works at SouthvilleCity.
The company said it is expected to complete phase 1, consisting of 500 units of 33-storey serviced apartment — 38 months from the date of commencement and complete Phase 2, consisting 499 units of 33-storey serviced apartment, in 33 months.
The company said the contract is expected to contribute positively towards the future earnings of Inta Bina for the duration of the contract.
The group intends to fund the contract via internally generated funds and/or external borrowings. As of March 31, 2023, its cash at hand stood at RM20.45 million while its total current loans and borrowing stood at RM80.55 million against a total equity of RM156.5 million.
During the quarter under review, net profit stood at RM4.05 million or 0.76 sen per share on the back of RM158.08 million revenue.
Inta Bina closed at 2.1% or half a sen at 24.5 sen, implying a market capitalisation of RM131.2 million. 
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Source: EdgeProp.my

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