Sep 06, 2017
KUALA LUMPUR: Construction company Vizione Holdings Berhad will acquire an entire equity stake in Wira Syukur (M) Sdn Bhd (WSSB) for RM280mil. The company today obtained the green light at its EGM today to pursue with the proposed acquisition.
The acquisition will be satisfied via the combination of cash and issuance of new ordinary shares of Vizione to be issued at an issue price of RM0.11 per share.
According to the circular on Bursa Malaysia, WSSB has unconditionally guaranteed an aggregate profit after tax contribution of RM82mil for the financial years ending December 31, 2017 and December 31, 2018.
At a media briefing after the EGM, Vizione Holdings managing director Dato’ Ng Aun Hooi in a statement said: “We are thrilled to receive the approvals from our shareholders, which in turn serves as a testament to the company’s business direction.”
“The acquisition of WSSB shall further enhance the construction earnings of Vizione, which have turned around since diversifying in 2015. A foremost priority on our corporate agenda is to enhance shareholders’ value and we are always looking for ways to do this.”
“Post-acquisition, Vizione will continue to tender for more construction projects. Besides that, we will also embark and explore some smaller scale property development project by working closely or joint venture with the landowners."
“It is our intention to have diversified source of income stream for the company. Things are expected to get more exciting in Vizione and I am personally eager to see what this company will deliver in the coming years.”
Ng said the acquisition will not only further enhance the construction earnings of Vizione, but also mitigating the potential conflict of interest between Vizione and his interest in WSSB.
“As a subsidiary of a listed corporation upon completion of the corporate exercise, it will provide access to the capital market for cost effective capital fund raising for WSSB,” he added.
Incorporated in 1996, WSSB is principally engaged in building, civil engineering as well as construction works.
WSSB is a Grade G7 contractor with CIDB and registered with the Masters Builders. WSSB has successfully completed numerous construction projects with a total contract value exceeding RM800mil.
Other news article of the Extraordinary General Meeting and media briefing :
The Malaysian Reserve
Nan Yang Siang Pau
Nikkei Asian Review
The Edge Markets
The Edge Markets 2
The Star Online
The Star Online 2
Jan 22, 2018
The Edge Financial Daily
January 22, 2018 10:06 am +08
This article first appeared in The Edge Financial Daily, on January 22, 2018.
KUALA LUMPUR: Last week was an eventful one for Vizione Holdings Bhd. A day after releasing its quarterly earnings last Monday, its share price surged to 20 sen — the highest level since the group announced its capital reorganisation plan in 2016.
The price rise could be a positive reaction by the market to the group’s results for the second quarter ended Nov 30, 2017 (2QFY18), which saw net profit jump by more than 46 times to RM6.54 million from RM141,000 in 2QFY17. Revenue increased by almost 15 times to RM147.3 million.
The reason for the big rise in profit and revenue is the inclusion of the earnings of Wira Syukur (M) Sdn Bhd, a construction firm which was injected into Vizione as part of a RM280 million reverse takeover exercise that was completed on Oct 9 last year.
In-page MRec Last Wednesday, Vizione — formerly known as Astral Supreme Bhd — proposed a private placement of up to 406.71 million shares. Based on an assumed price of 16.5 sen per share, the placement is expected to raise up to RM67.11 million in gross proceeds, part of which will be used to fund construction projects. To put things into perspective, Vizione’s net cash position (minus borrowings and finance lease liabilities) stood at RM25.9 million as at Nov 30, 2017, while its gearing ratio was at 0.06 times.
Since the placement was announced, Vizione saw a reversal of its post-results positive sentiment. Its shares dropped as much as 17.5% to 16.5 sen last Friday, from its earlier high of 20 sen. Nevertheless, Vizione managing director Datuk Ng Aun Hooi is positive about the group’s prospects for financial year 2018 (FY18) onwards. He said the group is projecting a revenue of about RM800 million for FY18. “Our order book at present stands at RM3.3 billion, and out of this we are expecting to recognise RM800 million as revenue for FY18.
"We have a target to replenish our order book by at least RM1.2 billion this year,” Ng told The Edge Financial Daily. Projects making up this order book include jobs awarded by KL Northgate Sdn Bhd for the construction of apartments, shops and offices worth RM1.12 billion, the construction of office suites for Paragon Hemisphere Sdn Bhd worth RM401 million as well as a RM465 million contract awarded by Hektar Aneka Sdn Bhd for the construction of Rumah Mampu Milik Wilayah Persekutuan. Also making up its order book are contracts awarded by the federal government for the development of public housing schemes in states such as Kelantan, Kedah, Sabah and Terengganu which amount to about RM947 million.
Government jobs are not unchartered waters for Ng. They in fact formed the majority of jobs taken up by Wira Syukur, a company which he formed with two other partners in 1996.
Building affordable homes, including in government housing schemes, have proven to be a recession-proof model, said Ng, pointing out that Wira Syukur had managed to pull through economic downturns such as 1997 to 1998 Asian financial crisis. “It all comes down to the type of product … as long as you are producing the right product, you will be able to sell,” he said.
With Wira Syukur integrated into Vizione, Ng said Vizione would continue its bid for government jobs, though he would like to see the group increase its focus on infrastructure construction jobs rather than property construction jobs.
“Infrastructure jobs have better margins than property construction. So in future we hope to get more of this kind of jobs. We are also exploring the opportunity of potentially going into the concession business,” he said.
The group at present is tendering for both property and infrastructure jobs in Sabah, Kuala Lumpur and Negeri Sembilan. According to Ng, the group’s tender book size is about RM2.9 billion. Ng said he is cognizant of the challenges facing construction players amid rising costs.
“Steel prices are quite high at the moment but at the same time cement prices have been dropping. But at the end of the day it is about value engineering — we are a hands-on contractor in the sense we don’t outsource jobs. So we have the in-house efficiency when it comes to reducing wastage and controlling costs,” he said. He added that the fact that Wira Syukur’s — and now Vizione’s — forte is in the construction of affordable homes would eliminate the need for imports of materials which are usually needed for high-end housing projects.
Looking at Vizione’s 2QFY18 financials, the net profit excluding one-off expenses such as corporate exercise and employee share option scheme expenses amounts to RM9.17 million, resulting in a net profit margin of 6.2%. Imputing an expected revenue of RM800 million for FY18 and a net profit margin of 6.2%, and assuming a maximum enlarged share capital of 4.47 billion shares post placement, Vizione could be looking at a projected FY18 forward price-earnings (PE) of 14.9 times based on its closing price of 16.5 sen last Friday.
The FY18 forward PE valuation is higher than that of some construction players such as Pesona Metro Holdings Bhd (nine times) and Mitrajaya Holdings Bhd (6.3 times), but lower compared with others like Gabungan AQRS Bhd (17.5 times). In terms of its order book size, Vizione’s RM3.3 billion as at last Tuesday seems to be on a par with, or higher than, its peers.
Based on the latest available information on Bursa Malaysia, Pesona Metro’s order book stood at RM1.6 billion as at Sept 30, 2017. Mitrajaya reported an order book of RM1.69 billion as at Sept 30, 2017 and Gabungan AQRS’s order book amounted to RM2.58 billion as at Nov 16, 2017.
Vizione shares have already sparked some interest among analysts. It is understood that the group held a briefing for analysts of major research firms last week. If Vizione can deliver on its earnings and keep its margins in check, it could be one of the construction stocks to look out for in 2018.
Apr 19, 2018
Erika Benjamin / theedgemarkets.com
April 19, 2018 21:42 pm +08
KUALA LUMPUR (Apr 19): Vizione Holdings Bhd's net profit surged 53 times to RM8.06 million in the third financial quarter ended Feb 28, 2018 (3QFY18) from RM152,000 a year ago, mainly due to contribution from the construction works undertaken by its newly-acquired unit Wira Syukur (M) Sdn Bhd.
Wira Syukur has an order book of RM3.75 billion, which will contribute to the group’s earnings visibility over the next several years.
This resulted in Vizione posting a higher earnings per share of 23 sen in 3QFY18 from 2 sen a year ago. Quarterly revenue also jumped more than nine times to RM133.86 million in 3QFY18 from RM14.61 million in 3QFY17.
For the cumulative nine months (9MFY18), the group's net profit rose more than 36 times to RM15.14 million from RM415,000 a year ago, while revenue increased nine times to RM302.49 million from RM33.05 million in 9MFY17.
On prospects, Vizione said with the acquisition of Wira Syukur in October last year, the board is confident that the group's performance will be further strengthened with the enlarged group.
"The group will continue to seek and secure new business opportunities and expand its existing business in the construction and development sectors," said Vizione in a filing with Bursa Malaysia today.
"The group is also in its preliminary stages of venturing into the property development sector with the recent acceptance of a letter of intent from Pan Sejati (M) Sdn Bhd to pursue through a joint venture, the development of 3,800 affordable homes in Putrajaya.
"The group foresees that it will be able to leverage its expertise as an affordable homes contractor to deliver additional value to its shareholder through its maiden venture into property development," it added.
Barring any unforeseen circumstances, Vizione said it is cautiously optimistic on its overall businesses moving forward and will continue to hone its operational strengths to achieve sustainable profitability growth in the market.
Vizione shares closed unchanged at 14.5 sen today, with 13.01 million shares done, bringing it a market capitalisation of RM517.37 million.
Apr 13, 2018
Friday, 13 Apr 2018
1:53 PM MYT
KUALA LUMPUR: Vizione Holdings Bhd has secured a road contract worth RM137.13mil from Vertice Construction Sdn Bhd. In a filing with Bursa Malaysia, Vizione said its wholly-owned subsidiary, Wira Syukur (M) Sdn Bhd had accepted a letter of award from Vertice Construction to upgrade the Federal Road 12 (FR 12) from Gambang, Pahang to Segamat, Johor – Phase 1. The date of completion shall be 13 months commencing from April 16 to April 30, 2019.
Vizione said the award would further increase and enhance the existing order book of the group.
“Barring any unforeseen circumstances, this award is expected to contribute positively to the earnings and earnings per share of the group for the next one financial year as the earnings would be realised in stages over the tenure of the subcontract based on the progress of the project.
“Any profits attributable to the group would be realised in stages over the tenure of the subcontract based on the progress of the subcontract,” Vizione said.
Apr 13, 2018
(吉隆坡13日訊) 穩固控股公司 ( VIZIONE，7070，主要板工業 ) Vertice 公司 ( VERTICE，7240，主要板貿服 ) 頒總值1億3713萬令吉道路工程合約。
穩固控股公司發文告指出，獨資子公司 Wira Syukur ( 大馬 ) 私人有限公司收到來自 Vertice 公司旗下 Vertice 建築私人有限公司所頒發的工程意向書。
在這項價值1億3713萬令吉的合約下，Wira Syukur ( 大馬 ) 將為通往彭亨甘孟至柔佛昔加末的聯邦公路改造工程，提供材料、勞動力、以及必要的工具和設備。
Wira Syukur ( 大馬 ) 將從下周一 ( 16日 ) 展開這項為期1年1個月的計劃，相信可正面貢獻穩固控股公司財務表現。
Apr 30, 2018
We serve our customers and business partners with quality, efficiency and reliability. We attempt to build the principles of sustainable development into different aspects of our business. This means doing business with integrity, aspiring to the highest levels of standards of corporate management, safety and health, managing our environmental impacts, and committing to deliver on our full range of social responsibilities.
As a member of the community, we believe that CSR forms an integral part of the Group’s business. Over the years, we have committed to creating a better living environment for the society with quality and sustainability.
May 21, 2018
The Edge Financial Daily
May 21, 2018 08:55 am +08
KUALA LUMPUR: Vizione Holdings Bhd, a niche player in the affordable housing sector, finds its business strategy to be in tandem with the new government’s promise to build one million affordable homes across the country within two terms of its administration.
Vizione managing director Datuk Ng Aun Hooi believes the group’s expertise in affordable housing development will enhance its competitiveness in bidding for housing projects under the new government.
“We believe we can remain competitive in our niche market, which is in the construction of affordable homes … in line with the Pakatan Harapan government’s promise to build affordable homes,” Ng said in an interview with The Edge Financial Daily.
Vizione has an order book of RM3.75 billion to date, with almost half of its undertakings comprising government housing projects.
Aside from government projects, the group also has a long-standing relationship with the private sector, with clients such as Sunway Group and Gardenia Bakeries (KL) Sdn Bhd.
“As we now have a new government, they may need time to stabilise. We are lucky that we have a big order book as it may take time for government tenders to be called, and for us to replenish government housing contracts.
“For the time being, in order to [expand] our order book, we may need to secure more projects from the private sector, as well as from my own private developments,” he said.
Ng is the chairman of two private property development firms, namely Midlands Edu City Sdn Bhd and KL Northgate Sdn Bhd.
Meanwhile, Ng corrected a possible public perception that Vizione is a “government-linked stock” as most of its government housing projects were secured when Barisan Nasional was in power.
He stressed that he is “purely a businessman” and that the group’s business is apolitical.
“It is very hard for me to immediately correct that [government-linked] perception. What we do hope is the public look at the numbers that we deliver. We have an order book of RM3.75 billion that will last us until 2021,” he said.
Ng also reassured that the RM465 million Federal Territories Affordable Housing (Rumawip) project in Gombak secured by the group, which forms part of its order book, will proceed as planned.
“The Rumawip project in Gombak is already enforced and sales are 95% done, and we have completed about 35% of the foundation [works],” he said.
Ng pointed out that Vizione is not involved in the recently highlighted sale of 64 parcels of land in Kuala Lumpur to property developers from 2013 to 2018, which was done under the purview of former federal territories minister Datuk Seri Tengku Adnan Tengku Mansor.
Kepong member of parliament Lim Lip Eng lodged a report with the Malaysian Anti- Corruption Commission last week, calling for an investigation into the parties involved in the 64 land deals, which he claimed were mostly done without an open tender and at below market value. Lim said less than half of these plots of land were for public housing projects such as Rumawip, while a majority were for high-end residential projects.
“We have no issues on land subject matters; none of Vizione’s projects are on that list,” stressed Ng.
Ng, who hails from Bukit Mertajam, Penang, also has an interest in Consortium Zenith Construction Sdn Bhd, the special-purpose vehicle company which is undertaking the RM6.3 billion Penang undersea tunnel and Outer Ring Road (ORR) project.
It is understood that Vizione was in the midst of participating in one of the packages of the ORR, prior to the project being put on hold earlier this year.
“We shall await the new [Penang] chief minister and his team on the direction of the Penang ORR. Vizione believes the project should proceed again following GE14 (14th general election), and will participate in any tender for this project,” he said.
Meanwhile, Ng said the government’s recent move to zero-rate the goods and services tax (GST) before moving into the sales and services tax (SST) regimen is a welcome move.
“The GST did impact the construction industry; the burden on businesses was much heavier compared to the SST,” he said.
As for its financials, Vizione reported a net profit of RM15.14 million for the nine-month period ended Feb 28, 2018, which was more than 36 times the RM415,000 recorded in the previous corresponding period. Revenue rose by more than ninefold to RM302.49 million.
The reason for the big rise in profit and revenue was the inclusion of earnings of Wira Syukur (M) Sdn Bhd, a construction firm which was injected into Vizione as part of a RM280 million reverse takeover exercise that was completed in October last year.
Vizione’s share price did not move as much as that of other construction counters last Monday, the first trading day after the change in government. The stock dropped to as low as 11 sen that day (15% lower than its close of 13 sen on May 8, a day before GE14) before closing at 12 sen.
At the end of trading for the week last Friday, the counter closed at 13 sen, with a market capitalisation of RM480.4 million.
Jul 25, 2018
Billy Toh / theedgemarkets.com
July 25, 2018 19:33 pm +08
This article first appeared in The Edge Markets, on July 25, 2018.
KUALA LUMPUR (July 25): Vizione Holdings Bhd posted another quarter of record earnings as net profit soared by 60.4 times to RM11 million in the fourth quarter ended May 31, 2018 (4QFY18) compared to RM183,000 a year ago, mainly due to construction works undertaken during the period by a newly acquired subsidiary.
The group also saw revenue increase by about 6.9 times to RM110.7 million in the quarter from RM16.1 million in 4QFY17.
For the full financial year ended May 31, 2018 (FY18), Vizione saw net profit grow by 43.8 times to RM26.2 million from RM598,000 in the previous year.
The group's FY18 revenue is 8.4 times higher at RM413.2 million compared to RM49.1 million in FY17.
On the group's prospect moving forward, the note filed with Bursa Malaysia said the group envisages greater opportunities in the wake of the new government's objective in building more affordable homes in the short to medium term as outlined in its election manifesto to construct one million affordable houses within two terms of its administration.
"With the group's recent acquisition of Wira Syukur Sdn Bhd (WSSB) in October 2017, the group is confident that it will be strategically positioned to benefit from the new government's plans of constructing more affordable residences amongst Malaysians, grossly due to WSSB's enormous experience in the low cost and affordable housing sector through its employment of cost effective building methodologies," Vizione said.
It added that the group's current order book stood at a commendable RM3.41 billion, which will keep Vizione busy until 2022.
The filing also noted that the group will continue to pursue new business streams within the construction and property development sector as part of its vision to focus on its core strength in construction industry and to synergise with the property development projects.
At closing, Vizione's share price was unchanged at 14.5 sen with about 6.8 million shares traded, giving it a market capitalisation of RM535.9 million.
Aug 02, 2018
Vizione Holdings Berhad Financial Snapshot As At 31 May 2018
Sep 03, 2018
VERTICE-VIZIONE JV WINS RM815M JOB IN PENANG MEGA INFRASTRUCTURE PROJECT
Syahirah Syed Jaafar / theedgemarkets.com
September 03, 2018 19:05 pm +08
KUALA LUMPUR (Sept 3): A joint venture between Vertice Bhd and Vizione Holdings Bhd has won a RM815 million contract from Consortium Zenith Construction Sdn Bhd to undertake construction work for a package in the Penang mega infrastructure project.
Vertice said the contract entails the construction work for a 5.7km by-pass from Bandar Baru Ayer Itam connecting to Lebuhraya Tun Dr Lim Chong Eu.
It added that the contract was awarded to Buildmarque Construction Sdn Bhd, a newly incorporated wholly-owned subsidiary of Vertice Construction Sdn Bhd, which in turn is fully owned by Vertice.
Vertice and Vizione are in the midst of arranging for the subscription of new shares in Buildmarque so that each party will eventually hold 50% equity interest in the new company, Vertice said in a filing with Bursa Malaysia.
The new contract, it said, is deemed to be a related party transaction in view of the interests of the major shareholders of Vertice, namely Datuk Zarul Ahmad Mohd Zulkifli and Vista Lestari Development Sdn Bhd (in which Zarul is a substantial shareholder).
Vista Lestari is a substantial shareholder of Zenith Construction Sdn Bhd, the holding company of Consortium Zenith.
Vertice said the construction period is 36 months from the commencement date or from the date of issuance of the notice to proceed.
The construction, it added, is expected to contribute positively to the future earnings of the group over the construction period.
Vertice's shares closed down one sen or 1.07% at 92 sen, for a market capitalisation of RM171.96 million.
Sep 06, 2018
Sep 06, 2018
SHAREHOLDERS APPROVE SHARE CONSOLIDATION PLANS
After recording a strong set of results for its financial year ended May 31, 2018, Vizione Holdings Bhd is setting its sights on expanding its presence in the local construction industry and attracting larger investors to its counter.
Managing director Datuk Ng Aun Hooi says the company is particularly focusing on attracting fund houses to the construction and property player.
At the moment, individual investors form the bulk of its shareholders with a total of 34.6 % of its shares outstanding. Mutual fund investors form the second largest group of investors but hold a distant 2.2% of its shares.
The group took its first step towards this goal after it gained shareholders' approval at its Sept 4 extraordinary general meeting for a share consolidation exercise, says Ng.
A near unanimous vote approved the management's proposal to consolidate the current group share base. It will be on the basis of seven existing Vizione shares into one Vizione share.
Ng tells FocusM that the share consolidation exercise serves several purposes.
One, he says, is that Vizione's share base is over three billion which is "a bit too liquid," adding that even with the consolidation, the shareholding base will be still quite sizeable.
More importantly, the share consolidation exercise is deemed necessary to make the stock attractive to a larger pool of investors. The group believes the move will raise Vizione's profile and put it on the radar of more research houses and fund managers.
"A lot of new investors or big local funds say they want to invest (in the company) but they keep telling me we are a penny stock.
"Therefore, we will consolidate so we will not be categorised as a penny stock," says Ng.
"I believe that after the consolidation, the number of shares will be close to about 600 million and considered to be not too small a number."
According to an Aug 13 circular to shareholders, Vizione's issued share capital stood at RM418.64 mil comprising 3.69 bil shares (as of July 30).
Following the consolidation its share base will increase to an estimated 527.94 million shares.
The theoretical adjusted reference price per share would be 94.5 sen based on the last transacted market price of 13.5 sen, details the circular.
The exact number of consolidated shares will be determined based on the issued share capital of the company on the books closure date.
Sep 06, 2018
Vizione recorded a strong set of results for the financial year ended May 31, 2018. This was mainly driven by its Wira Syukur (M) Sdn Bhd (WSSB) acquisition in October 2017.
This acquisition has been a game changer for Vizione. WSSB is a well-established contractor that brought with it an order book of about RM3.4 bil worth of local government and developer projects.
The impact of the acquisition began to be seen in Vizione's third quarter ended Feb 28, 2018 (3QFY18) when the net profit surged 53 times, largely driven by contributions from WSSB.
Its full year FY18 results saw revenue increase 741.5% to RM413.2 mil from just RM49.1 mil in the previous year.
This translated into a significantly larger net profit of RM26.2 mil from RM598,000.
Affordable housing has long been the group's core contributor and will continue to be so.
Ng says it makes sense to remain active in the segment given the government's focus on affordable housing.
The ruling Pakatan Harapan's (PH) manifesto has a pledge to build one million affordable homes within two terms of it being in power.
He is confident that Vizione will still be a strong competitor for such projects despite the change in government, and is confident that the group stands a good chance to clinch more such deals. "This government (PH) is more friendly and easier to approach and deal with," he remarks.
However, Vizione will not focus on only that segment of property development - "We are not doing only Ministry of Housing and Local Government projects."
Ng points out that the group has participated in the construction of high-rise condominiums with private developers, such as Sunway group, adding that the group is also keen to participate in similar projects in the near future.
Sep 06, 2018
Aside from the affordable housing and high-rise property development segment, Vizione is also working to expand its footprint in other construction segments.
Over the past two years the group has been steadily developing its expertise in infrastructure projects.
It announced a big win on Sept 3 when its joint venture with Vertice Bhd won a RM815 mil contract from Consortium Zenith Construction Sdn Bhd (CZC) for a project on Penang island.
The contract is for the construction of a bypass from Bandar Baru Ayer Itam to Lebuhraya Tun Dr Lim Chong Eu.
It comes under Package 2 of the RM6.3 bil Penang undersea tunnel project which will connect the island and the mainland.
The project comprises four packages and Vizione plans to bid for other contracts, too. The outcome will be known sometime next year. "For Packages 3 and 4, it (CZC) is at the stage of finalising (details) with the state government and the detailed designs of the two packages," he explains.
In January, CZC was in the news when its directors were investigated by the Malaysian Anti-Corruption Commission relating to the Penang Undersea Tunnel Project.
Ng is hopeful that this is just the first of many contract wins for Vizione in Penang, and believes there are likely to be many opportunities to capitalise on in the state.
"Penang will be quite vibrant and so Vizione will be putting some focus on jobs in the state. The state government is not new and it knows what it wants to do. So we will be putting more effort and time into that state," he opines.
Vizione also plans to tender for more infrastructure projects in other Peninsular Malaysia locations and in Sabah.
It has already bid for some Public Works Department road projects and plans to be more aggressive in this area going forward. Presently, Vizione has an orderbook of RM2.8 bil and this should provide earnings visibility until 2022 or a little earlier depending on the pace of work.
Ng believes that a tender book increase and more contract wins could possibly come in the wake of the tabling of Budget 2019.
He feels the new government is still settling down and putting its policies in place. Once that happens, contract flows should resume. "We will be participating in more contract bids, and maybe following the Budget in November, we will hear some good news," he says.
Although Vizione's financial health is improving, Ng says the group will hold off from establishing a dividend policy for now.
"At the moment we need a little bit of time (to normalise everything), but we will definitely look into a dividend policy once our results show continuous improvements," he says.
Sep 18, 2018
Syahirah Syed Jaafar / theedgemarkets.com
KUALA LUMPUR (Sept 18): Vizione Holdings Bhd has bagged a RM89.9 million contract from PBA Holdings Bhd to build submarine pipelines from Butterworth to the Macallum area on Penang Island.
Vizione said the new contract is part of the group's objective to tender for new projects and to expand its current customer base.
"This will mark the first direct letter of award (LoA) from the Penang state government after the 2018 general election. It further enlarges the group's order book and is expected to provide a steady stream of revenue for the group over the next two financial years," it added.
In a filing with Bursa Malaysia today, Vizione said its wholly-owned subsidiary Wira Syukur (M) Sdn Bhd has accepted the LoA from PBA's wholly-owned unit Perbadanan Bekalan Air Pulau Pinang Sdn Bhd (PBAPP) to undertake the works, which fall under Package 3.
The duration of the contract is 21 months, it added.
"PBAPP intends to develop new water supply pipelines from Sungai Dua Water Treatment Plant in the mainland to the island. The laying of approximately 3.2km of 1,200mm diameter twin submarine pipelines from Butterworth to Penang," said Vizione.
"The implementation of the new Butterworth-Penang Island Twin Submarine Pipeline project takes into consideration future water demand with the objective to ensure efficient delivery of more treated water from the Sungai Dua Water Treatment Plant to Penang Island," it added.
The scope of work includes coastal reclamation and shore protection work of 4ha of land at Macallum area to provide space for pipeline stringing and launchway construction.
"The LoA will further increase and enhance the existing order book of the group. It will not have any effect on the issued and paid-up share capital and the substantial shareholders' shareholdings of Vizione as this LoA does not involve any issuance of new shares in Vizione," it said.
"Barring any unforeseen circumstances, this LoA is expected to contribute positively to the earnings and earnings per share of the group for the next two financial [years] as the earnings and any profit attributable to the group would be realised in stages over the tenure of the contract based on the progress of the project," Vizione added.
Vizione shares closed unchanged at 14 sen today, with 12.65 million shares done, for a market capitalisation of RM517.58 million.
Sep 18, 2018
根据文告：“槟州供水机构计划，从双溪赖滤水站（Sungai Dua Water Treatment Plant）建设新的水管通向槟岛。”