- Officiated by Terengganu Chief Minister, YAB Dato’ Seri Dr. Ahmad Samsuri Mokhtar
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SELANGOR, 6 March 2022 – MGB Berhad (“MGB” or the “Group”), a construction and property development solutions provider and a subsidiary of LBS Bina Group Berhad, today held a project launching ceremony for the development of its 1,007-acre industrial estate at Kertih Terengganu Industrial Park (KTIP) at Hotel Resorts World Kijal, Kemaman, Terengganu. The ceremony was officiated by the Chief Minister of Terengganu, YAB Dato’ Seri Dr. Ahmad Samsuri bin Mokhtar, witnessed by the MGB Group Managing Director, Datuk Wira Joey Lim Hock Guan and Chief Executive Officer, Datuk Richard Lim Lit Chek. Also present in the event was the Director of Retro Court Sdn Bhd, Datuk Hendri Dahlan.
Earlier in September 2021, MGB via its wholly-owned subsidiary MGB Construction & Engineering Sdn. Bhd. (“MGBCE”) had signed a turnkey construction agreement with Retro Court Sdn Bhd to jointly develop the Kertih Project. The Kertih Project is part of KTIP, which is set to be Asia’s largest second-generation bio-refinery complex.
As the turnkey contractor, MGBCE will undertake the entire design, financing, construction and completion, sales and marketing plus credit administration of the Kertih Project. The estimated gross development value (“GDV”) of the Kertih Project is approximately RM680 million.
Located in the East Coast Economic Region’s Special Economic Zone, KTIP is strategically connected with ready infrastructure and facilities such as gas processing plants, oil refineries and ports (Kemaman Port and Kertih Port). To encourage the development of KTIP, the government has offered tax incentives to investors. Existing investors at KTIP include Arkema Thiochemicals Sdn. Bhd. and CJ Bio Malaysia Sdn. Bhd., while US-based biochemical company Gevo is constructing a USD$500 million (approximately RM2.1 billion) plant.
MGB Group Executive Vice Chairman Tan Sri Dato’ Sri Lim Hock San said, “MGB is looking forward to begin construction work at the Kertih Terengganu Industrial Park. We would like to express our appreciation to the Chief Minister of Terengganu, YAB Dato’ Seri Ahmad Samsuri for taking the time to grace and officiate our event. The Terengganu state government has rendered us with excellent support and we are excited to be working together with them and our JV partner to ensure the timely completion of the project.
We aim to complete the construction of the infrastructure works for Phase 1 of the Kertih Project by 2024. The sizeable GDV attributed to this project bodes well for MGB. Barring any setbacks, we expect the Kertih Project to contribute to our top-line within the next year or two. We will continue to push forward to provide value-added technology solutions to our clients and tender for new projects that will boost our momentum, increase our construction order book and enhance stakeholders’ value.”
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