Thursday, January 5, 2012

Eversendai bids for RM12b projects worldwide

KUALA LUMPUR, Jan 5 (Bernama) -- Eversendai Corporation Bhd is bidding for RM12 billion worth of infrastructure development projects worldwide, says executive chairman cum group managing director Datuk A.K. Nathan.

He said the projects would consist of iconic infrastructure development,power plants, engineering jobs and other segments related to Eversendai's core businesses.

"The projects will be situated mainly in the Middle East, South East Asia and Commonwealth of Independent States (CIS) region," he told reporters after the signing of a memorandum of understanding between Eversendai and Sunway Business Applications here on Thursday.

He said the bidding process was on-going and Eversendai was optimistic of securing at least 20 per cent of the projects aimed given the track record of the company.

"Our success rate is usually 20 per cent and this time around we think it will be a similar figure. If it's more, I would be happy," he said.

Nathan said the company's orderbook currently stood at RM1.5 billion and he anticipated a minimum growth of 10 per cent this year.

"Every year, we have seen 10 per cent growth. Ninety-five per cent of our earnings accrue from Eversendai's overseas operations while the Malaysian
operations contributed the remaining five per cent.

"However, this year onwards we will be very busy in Malaysia. We have just completed the Manjung power plant and have kickstarted the KLIA 2 project and a project in Sabah. We expect many more to come as we have bid for many more projects here (in Malaysia).

"The projects are part of the RM12 billion projects we have already bid for. But, nothing is finalised until the contract is awarded," he said.

Nathan said in future, the Malaysian operations were poised to contribute at least 10 per cent of the company's earnings compared with the current
contribution of five per cent.

He added that Malaysia and India would become Eversendai's fastest growing markets in coming years.

"In India, we have five ongoing projects which comprises of two high-rise buildings and three power projects. "One of the projects is the RM350 million Worli Tower, which comprises a 50-storey and 80-storey buildings," he said.

Nathan said the company was also in the midst of constructing a steel fabrication plant in Trichy, India, which would boost the company's steel output
by 24,000 tonnes per annum.

"This will add to our total capacity of some 144,000 tonnes, annually," he said.

The factory, slated to be operational between six and eight months, will add to the list of four steel fabrication plants currently operating each in
Rawang, Sharjah, Qatar and Dubai. - Bernama

1 comment:

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