KUALA LUMPUR (Jan 11): Muhibbah Engineering (M) Bhd has bagged a contract worth approximately 356.7 million Qatari riyals (RM438.1 million) from Economic Zones Company of Qatar (Manateq) for the construction of roads and infrastructure works for Um Alhoul Economic Zone (QEZ-3) Phase 2.1 (Portion 2A, Marine Cluster), Qatar.
According to its filing with Bursa Malaysia, Muhibbah’s 49% unit Muhibbah Engineering Middle East LLC formalised the contract with Manateq yesterday.
The project will commence immediately and is expected to be completed by the second quarter of 2018, it said.
“The contract is expected to contribute positively to earnings and net assets of Muhibbah Group for the current and future financial years,” said Muhibbah, adding that the contract does not have any impact on Muhibbah’s share capital and/or shareholding structure.
Owned by the Qatari government, Manateq was established by the state of Qatar’s minister of business and trade. Manateq is the leading developer and operator of specialised economic zones, logistics parks and warehousing parks in Qatar.
Shares in Muhibbah closed one sen or 0.42% lower at RM2.35 yesterday, giving the group a market capitalisation of RM1.13 billion.
This article first appeared in The Edge Financial Daily, on Jan 11, 2017. Subscribe to The Edge Financial Daily here.