KUALA LUMPUR (Oct 22): Integrated industrial space solutions provider AME Elite Consortium Bhd’s wholly-owned subsidiary AME Construction Sdn Bhd has been awarded a RM359 million contract to build a new integrated production facility, logistics warehouse, and office buildings for Ye Chiu Non-Ferrous Metal (M) Sdn Bhd.
Ye Chiu is in the business of manufacturing and trading of aluminium alloy and aluminium scrap products.
Notably, it is an indirect wholly-owned Malaysian subsidiary of Ye Chiu Metal Recycling (China) Ltd, a company listed on the Shanghai Stock Exchange that specialises in the recycling and producing of aluminium alloy with a presence in China, Malaysia and the US.
In the announcement to Bursa Malaysia on Friday, AME said the project will see AME Construction constructing and completing three single-storey factory blocks, one five-storey office block, one single-storey logistics office and other ancillary buildings.
It will also be building one single-storey factory block together with a two-storey utility room and a two-storey mechanical and electrical room, a two-storey office and other ancillary buildings.
The project is located in Johor Bahru and will span a built-up area of 2.55 million square feet.
The project will last for 18 months, starting Nov 3, 2021 and to be completed by May 2, 2023.
AME said the project is expected to contribute positively to earnings and net asset per share of the group for the financial year ending March 31, 2022 until the completion of the project.
“The new job award underscores AME’s ability to undertake construction for heavy industries and support the expansion of multinational companies in Malaysia,” it said in a statement on Friday.
At 5pm, AME was up 5.85% to RM1.99, valuing the company at RM1.27 billion. Year-to-date, AME has gained 15.03% from RM1.73 on Jan 4.
source: The Edge Market
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