CEO Morning Brief

PRG Holdings Unit Gets Two Contracts Worth RM20 Mil

Publish date: Thu, 08 Jun 2023, 08:48 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (June 7): A unit of PRG Holdings Bhd has obtained two contracts with a combined value of RM20 million from two Singapore-based companies.

PRG Holdings announced that Measurement & Verification Pte Ltd (a wholly-owned subsidiary of Furniweb Holdings Berhad, which in turn is a 50.45%-owned subsidiary of PRG) had been awarded the two contracts.

The first contract is with Obayashi Singapore Private Limited, a subsidiary of Obayashi Corporation, one of Japan’s largest general contractors, to carry out fit out work. The contract took effect on May 19 and is expected to be completed in December.

The second contract is with Marina Bay Sands Pte Ltd for the job of upgrading central control and monitoring systems, and will take effect from June 1 for 33 months.

“The contracts will not have any effect on the share capital and shareholding structure of the Company. The contracts, however, are expected to contribute positively to PRG’s consolidated earnings and net assets for the financial year ending December 31, 2023 onwards, during the duration of the contracts,” PRG added.

PRG shares closed half a sen or 2.44% higher at 21 sen, which translates into a market capitalisation of RM88.12 million.

Read also:
PRG’s deal with HK-listed Furniweb set to improve financial liquidity, performance

Source: TheEdge - 8 Jun 2023

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