ML Global To Invest Up To RM40 Million To Build IBS Plant

ML Global To Invest Up To RM40 Million To Build IBS Plant

PETALING JAYA, May 30: ML Global Bhd plans to set up an industrialised building system (IBS) precast construction plant costing between RM30 and RM40 million to manufacture precast concrete panels this year, earmarked for its construction projects by next year.

Group Managing Director Tan Sri Lim Hock San said although the company currently used the IBS shear wall construction method in its projects, the precast construction method was the way forward as it produced better quality work and would be able to shorten construction period.

“Using the IBS precast method will greatly reduce our construction time, cost and cut our dependence on skilled labour which is becoming very expensive.

“We intend to bring in the technology from China and is currently in discussions with two to three manufacturers there,” Lim told reporters after the company’s annual general meeting here, today.

He said in an effort to enhance the company’s profitability, it was also willing to provide the technology to smaller companies for building and designing works or to act as their design turnkey contractor.

Meanwhile, Executive Director and Chief Executive Officer Datuk Richard Lim Lit Chek said the ML Global’s order book currently stood at about RM2 billion, which would sustain the company for three years.

He said the company had been involved in several projects under its parent company, LBS Bina Group Bhd, which included the Rumah Selangorku apartment blocks in Bandar Saujana Putra valued at RM168.11 million, a high-rise development in Bukit Jalil worth RM685 million, and a mixed development project in Puchong worth RM188 million.

Lim said the company also had several existing tenders worth another RM1 billion which had been submitted but had yet to be announced.

For the first quarter ended March 31, 2017, ML Global’s pre-tax profit rose to RM11.54 million from RM906,000 in the corresponding period last year.

Revenue increased to RM150.06 million from RM10.72 million, previously.

Lim attributed the overall improvement of the performance to the consolidation of MITC Engineering Sdn Bhd (MITCE)’s financial results, which it acquired in December 2016.

MITCE contributed RM142.56 million revenue from its on-going construction projects.

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