Melati Ehsan to focus on bigger projects

AllMalaysia.info

P R O P E R T Y

News Tuesday March 20, 2007

Melati Ehsan to focus on bigger projects

By LOONG TSE MIN

PETALING JAYA: Melati Ehsan Holdings Bhd (MEHB), which made its debut on the Bursa Malaysia main board yesterday, is aiming for infrastructure projects to contribute 70% of group revenue, with property construction accounting for the rest.

The revenue distribution from the two business segments for the financial year ended Aug 31, 2006 stood at 50:50.

Speaking to reporters after the company’s listing, managing director Datuk Yap Suan Chee said the company would be focusing on bigger jobs as well as contracts related to private financing initiatives (PFI) under the Ninth Malaysia Plan.

The company’s largest infrastructure job to date is a RM287mil project for the construction of the Trans Eastern Kedah Interland highway for the Public Works Department.

Its largest property construction project is the RM523.4mil Taman Aman Putra development in Jinjang Utara for the KL City Council.

Datuk Yap Suan Chee (right) and executive director Tan Hong Hing at the debut of the company on Bursa’s main board yesterday
In February, the company said it was bidding for various projects in the country worth RM1.13bil and had an order book of RM1.22bil.

On the company’s overseas expansion to the United Arab Emirates, China and Vietnam, Yap said discussions with joint venture partners were still at the preliminary stage, but declined to elaborate.

In conjunction with its initial public offering, MEHB made a public issue of 27.5 million 50 sen shares at an issue price of RM1.28 each, of which six million shares were offered for public subscription.

The listing exercise is expected to raise RM35.2mil.

The counter opened at RM1.38 for a 10 sen premium and closed at RM1.54 on brisk trading, after hitting a high of RM1.59 and a low of RM1.37.

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