The furniture and packaging maker, which expanded into construction last year, told Bursa Malaysia that the 60%-owned subsidiary accepted a letter of award worth RM12.6mil dated Sept 8 from Amcorp Group Bhd’s wholly-owned subsidiary Fulcrum Capital Sdn Bhd to undertake the project for UMS and the Azman Hashim Foundation.
The UMS project, awarded via public tender, is expected to be completed within 6½ years from the date of site possession.
“The board believes the award will lead to an expansion of the group’s construction activities in the future and contribute positively to the group’s financial performance,” Jaycorp said.
The groundbreaking ceremony for the gallery was held back in October 2015.
Jaycorp subscribed to 60% equity interest in JEC in April last year for about RM600,000. Andrew Lau, who owns a 30% stake and is the chief executive officer of JEC, is an engineer and qualified quantity surveyor with more than 20 years of experience as a project manager in Sabah.
Abdul Rahman Khan, a director of JEC, holds the remaining 10% stake. He is the nephew of Jaycorp executive chairman and substantial shareholder Tan Sri Abdul Majid Khan.
In its 2016 annual report, Jaycorp said the investment in JEC aligned strategically with the group’s 400 acres of land in Bongawan, Sabah, which was zoned for integrated tourism development.