Saturday, June 14, 2014

Menang/Crest Builder

Both are likely to be main beneficiaries of the rm635 million sought by the Education Ministry in a supplementary budget to cover concession costs at six UITM campuses.

The government has sought an extra rm4.112 billion under the Supplementary Bill (2014) Bill 2014 table for first reading in the Dewan Rakyat on June 9 2014.

Menang Corp, one of the main concession holders of UITM is likely to get a major share of the proposed rm635 million allocation as the company is embarking on several UITM campus projects in Seremban and in Puncak Alam, and will likely be awarded more cleaning and safety service contracts.

On May 2012, Menang Corp was reported to have entered into a concession agreement with the higher Education Ministry and UITM to build the UITM Campus Satelit C at Puncak Alam. It is estimated currently (May 2014) to be about 25% completed. On completion, the campus will be leased to UITM for 20 years with Menang corp maintaining the facilities and infra of the campus for 20 years.

Crest Builder secured its first concession project – UITM Tapah Campus II – in 2010. The project was completed and delivered to UITM in Jan 2014.

This concession project with the Ministry of Education and UITM secured Crest Builder a recurring cashflow of about rm45.2 million per annum until 2034.

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