19 May 2015

GUH to launch landed residential project in Seremban, Negri Sembilan with a gross development value of RM550mil in the third quarter 2015

  19 May 2015
H’ng said GUH would launch its landed residential project in Seremban, Negri Sembilan with a gross development value of RM550mil in the third quarter this year.

GEORGE TOWN: GUH Holdings Bhd is eyeing water/wastewater solution projects worth RM150mil this year as part of efforts to diversify its revenue stream.

Group chief executive officer and managing director Datuk Kenneth H’ng Bak Tee said the group aimed to raise its non-core business contribution and reduce its reliance on the printed circuit board (PCB) business.

He said the group was currently focusing on the property and water/wastewater divisions, which were expected to contribute more to GUH Holdings’ revenue next year.

“We are currently bidding for a few projects from our clients ranging from the National Water Services Commission to the Penang Water Supply Corp, and we are hoping to secure the contracts as soon as possible,” he told Bernama after the group’s AGM here on Tuesday.

He added that the water/wastewater division anticipated a larger order for 2015.

He said non-core business currently contributed about 20% to revenue, with 70% to 80% coming from the PCB business.

“We hope to achieve about 40% next year on the combined non-core business contribution while reducing the PCB business to 60%,” he said.

H’ng said GUH would launch its landed residential project in Seremban, Negri Sembilan with a gross development value of RM550mil in the third quarter this year.

“The financial impact from the launch of the Seremban project will be seen next year and we are still actively looking for land in Kuala Lumpur for development,” he said, adding that the group’s current landbank stands at 233ha.

He said the property division would continue to remain prudent as it foresaw a challenging property market environment with the continuous curb in lending by financial institutions.

“Overall, we expect 2015 to be a very challenging year in view of the weakening ringgit, slump in crude oil prices and the implementation of the GST,” he said.

For the financial year ended Dec 31, 2014, the group’s revenue improved to RM299.4mil from RM286.6mil in the previous year.

GUH is a diversified corporation involved in the electronics and electrical sector, property, plantations, water/wastewater and power. - Bernama
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