Sunway Construction Group (SunCon), part of Malaysian tycoon Jeffrey Cheah’s Sunway conglomerate, has secured RM1.04bil in mechanical, electrical and plumbing fit-out works from a US-headquartered multinational technology company.
The works, which cover two projects, are set to begin immediately and be completed by March 2028, SunCon said in a Friday stock exchange filing. The client’s name and the projects’ location were not disclosed.
“As at the date of this announcement, SunCon Group has secured RM6.85bil worth of new orders during the current financial year, including the abovementioned works,” SunCon said in the filing.
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Jeffrey Cheah, founder and chairman of Sunway Group. Photo from the company’s website |
The latest job follows a RM1.02 billion engineering contract for a data center project in Johor secured just earlier this month, as well as RM664.4 million in additional contracts secured in June for two data center-related substation projects in the same state, according to local media reports.
So far this year, SunCon’s shares have gained 38.84%, putting the firm’s market capitalization at RM10.5 billion based on Friday’s close.
It is one of several listed businesses under Sunway Group, which Cheah founded and transformed from a tin-mining company to a diversified conglomerate with interests in construction, real estate, healthcare, education and infrastructure.
Forbes ranked Cheah as Malaysia’s 8th richest man earlier this year. His current net worth is estimated at $4.9 billion, according to the magazine’s real-time data.