A RM11 million contract to construct a theme park at Tanjung Tualang, in the Kinta district of Perak, has been awarded to TAFI Industries Bhd (TAFI).
TT5 Theme Assets Sdn Bhd granted the contract to TAFI’s wholly owned subsidiary TAFI Home & Office Sdn Bhd (TAFI H&O), which would last for 18 months beginning on February 15, 2023.
The company stated in an exchange filing yesterday that the job scope includes building, testing, commissioning, finishing, and handing over the theme park.
The contract is anticipated to have a favourable impact on the business’s earnings and net tangible assets (NTA) for the fiscal years ending December 31, 2023 (FY23), as well as FY24, according to the Muar-based company.
Sim Leisure Group Ltd, a Singapore-listed company helmed by executive chairman Datuk Sim Khoo Cheng and responsible for the creation of the theme park Escape Penang, is also a part of the project. Sim Leisure Group was not mentioned in the release from yesterday, nor were the owners of TT5 Theme Assets identified.
The earlier RM205 million construction contract from Metbuild Sdn Bhd, the RM23.6 million construction contract from Lambaian Delta Sdn Bhd, and the RM115 million turnkey construction contract secured from Magna Prima Bhd’s indirect subsidiary, Magna Park Sdn Bhd, will further improve TAFI’s earnings and NTA for FY23 to FY25, according to a separate statement from TAFI group CEO Bryan Wong Sze Chien.
According to him, the group’s current RM30 million construction contract with Buana Tunggal Sdn Bhd for the Permas City project, as well as the anticipated RM6 million share of the RM30 million in net gross development value proceeds from specific units of properties under the Permas City project, will positively impact TAFI’s earnings for FY22 and FY23.
TAFI, which primarily engages in the production and trade of furniture for export and domestic markets, has expanded into the real estate development and construction industries.
The Construction Industry Development Board (CIDB) has granted TAFI H&O a G7 licence that permits it to submit bids for building projects of any size.
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Source: The Malaysia Reserve
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