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Publish Date : 14-Mar-2014

Astral Supreme Bhd saw a shift in its boardroom with the entry of Datuk Eddie Chai Woon Chet, who secured letters of award (LOAs) worth a total of RM 105 million for housing projects in Malacca.

The group said that its subsidiary Astral Supreme Construction Sdn Bhd received the LOAs from Gemawan Bina Sdn Bhd (RM 57 million) and Permata Rebana Sdn Bhd (RM 48 million).

Astral Supreme Construction will undertake the sub-contract for design, build and associated works for the housing development projects and is expected to complete the project in 2 years by 2016.

These projects are expected to contribute to the future earnings and enhance the net assets of Astral Supreme group for the financial years ending Dec 31, 2014 and Dec 31, 2015.

The contracts will have a positive effect on the earnings. The contracts will not have an effect to the substantial shareholders' shareholdings of the company adding that the projects will be funded with internally generated funds.

Astral Supreme Construction was looking to participate in a RM 600 million government housing project known as Projek Perumahan Rakyat (People's Housing Programme or PPR). To turn around the loss-making group. The project would help the subsidiary company turnaround the whole group in a year.

The joint venture with Zenith PMC Sdn Bhd to undertake the Penang undersea tunnel job. The JV agreement was signed to begin feasibility studies on the undersea tunnel job.

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