CONSTRUCTION services company Tuju Setia Bhd which in en route to a listing on the Main Market of Bursa Malaysia does not regard the current softness of both the property and construction sectors as a setback to win over potential investors.
Having received its listing greenlight from the Securities Commission, the Selangor-based company targets to get listed in the second quarter of 2021.
“Despite concerns on the property market outlook, we take cognisance that the continuing future supply of high-rise buildings is expected to provide opportunities to high-rise construction players like us,” Tuju Setia’s managing director Wee Eng Kong told FocusM.
“Our track record in high-rise construction will serve as an excellent reference for us to secure projects besides attracting developers to invite us to participate in their new project tenders.”
To facilitate its proposed listing, Tuju Setia will undertake an exercise to acquire 100% equity interest in its wholly-owned subsidiary Pembinaan Tuju Setia Sdn Bhd (PTS) and as a group, will list on the local bourse.
Alliance Investment Bank Bhd is the principal adviser, underwriter and placement agent for Tuju Setia’s initial public offer exercise.
PTS Is involved in the provision of construction services as a main contractor with experience in commercial, residential and institutional buildings mainly in Klang Valley.
PTS has core expertise in the construction of high-rise buildings with notable completed non-residential projects such as Top Glove Corp Bhd’s corporate office tower, Menara TCM, and St Joseph’s Institution International School Malaysia (previously Tropicana International School).
The company’s completed residential projects include Mentari Court, Grand Medini Residence, and Idaman Residence.
Its ongoing non-residential projects include Mutiara Central Office Suites (Cheras) and the Kajang Women and Children Hospital. Ongoing residential projects include Sofiya Residensi (Desa Park City) and Emerald Hills (Cheras).
“As a main contractor, PTS has amassed a diverse portfolio in the construction of commercial, residential and institutional buildings, with core expertise in the construction of high-rise buildings,” Wee further pointed out.
Additionally, the company offers value engineering such as the provision of alternative designs with projects that are aided by the industrialised building system (IBS) and building information modelling (BIM) for dimensional accuracy, building component consistency and good project scheduling control.
“Notably, the quality and timely completion of our construction works have allowed us to establish positive relationships with our customers and live up to our slogan of Builder of Choice,” noted Wee.
As a Grade G7 contractor registered with the Construction Industry Development Board (CIDB) of Malaysia, PTS is allowed to undertake projects with unlimited value.
Moreover, the company is also registered with CIDB under code B29, which permits it to undertake construction of hospitals and healthcare facilities, while its Sijil Perolehan Kerja Kerajaan will enable it to participate in tenders for government projects.
PTS is accredited with ISO 9001:2015 Quality Management System for the provision of project management for construction of buildings and engineering works. PTS has also obtained the QLASSIC and CONQUAS quality certifications, as well as the SHASSIC assessment for health and safety performance. – Feb 19, 2021
