FRESH from raising 99.95% or RM99.2 mil from its rights issue exercise, turnkey project contractor Pasukhas Group Bhd can now embark on its internal five-year strategic plan to incorporate more lucrative construction and turnkey projects across various industries into its portfolio.
In fact, the company can now take on specialised jobs that are not limited to construction of standard residential and commercial developments, but also factories, power plants, civil works and other infrastructure plays, according to its CEO Wan Thean Hoe.
“We are delighted with the outcome of the rights issue exercise,” commented Wan. “This shows a massive confidence from the general market in our plans to revive and re-model Pasukhas as a premier contractor for turnkey construction projects.”
On Monday (July 12), Pasukhas inked a collaborative agreement with Vsolar Group Bhd to provide engineering, procurement, construction, and commissioning (EPCC) services to the solar farm industry.
In a joint statement, both companies said their partnership is to cater to the swathe of solar projects they expect will come on stream over the next 24 months.
They will combine their resources to create a project management, execution and ongoing management team to cater for any upcoming large scale solar (LSS4) project that requires a turnkey operator.
In this regard, Pasukhas through its subsidiary Pasukhas Energy Sdn Bhd has a dedicated engineering and construction team with a track record of project management and construction of civil works, mini hydro plants and power plants.
Beyond Vsolar, Pasukhas has also begun negotiations with a few parties on the possibility of engaging the collaboration to design, build and operate solar projects awarded during the long LSS4 tenders.
Through the latest capital injection, Pasukhas is in a prime position to capitalise on any opportunities that are bound to be made available or to assume specialised projects as the construction sector primes itself for recovery over the next few years.
Its mixed development project with Yayasan Veteran Angkatan Tentera Malaysia to jointly develop a 1.27-acre piece of state leasehold land in the heart of Kuala Lumpur is expected to yield circa RM80 mil in gross profit upon completion.
Moreover, there is also a vote of confidence on Pasukhas’ ability to deliver projects with expected gross development value (GDV) in excess of RM300 mil.
At the close of today’s mid-day trading, Pasukhas was down 4.5 sen or 13.64% to 28.5 sen with 166.98 million shares traded, thus valuing the company at RM330 mil. – July 14, 2021
