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Monday, November 12, 2007

Putrajaya Perdana’s order book set to go up to RM4bil from RM2.2bil

For a company whose projects have always been local, the entry of a new majority shareholder could possibly point to more exciting times ahead.

This is because Putrajaya Perdana Bhd was set up specifically to develop the federal administrative capital but today, it is poised to take up jobs worth potentially billions of ringgit due to its relationship with Middle Eastern companies such as Mubadala Development Corporation, whose subsidiary, Madsar, is a specialist in green projects.

A source in the construction industry said Putrajaya Perdana's order book, which currently stood at about RM2.2bil was expected to balloon to about RM4bil in the next twelve months.

“I don't think the management of the company could be so confident in making a prediction if they were not adequately backed-up,” he said. An earlier report by a business publication said Yousif Mana S. Al Otaiba, a shareholder of Abu Dhabi Kuwait Malaysia Investment Corp (ADKM), plans to pump up the company's order book to over RM4bil soon with new businesses from Abu Dhabi, Kuwait and Malaysia.

The other shareholders of ADKM are Sheikh Sabah Mohd S. Al-Sabah and Tengku Datuk Faisal Ibrahim.

ADKM's 51%-owned subsidiary Swan Symphony Sdn Bhd recently purchased a 50.6% stake in Putrajaya Perdana from Eastern & Oriental Bhd.

Another local analyst said the strong support and commitment pledge by Swan Symphony's major shareholders to expand the company's order book locally and overseas puts it in a favourable position, especially in the eyes of investors and punters.

“Moreover Swan Symphony aims to be an active investor in the company,” the analyst said, adding that Putrajaya Perdana could also rely on getting some local projects under the Ninth Malaysia Plan.

The analyst said Putrajaya Perdana has established a leadership position in the energy-efficient building market in Malaysia.

“It's a niche market with few players,” he said, adding that the Government was likely to give some tax breaks to the company for some projects because of its innovations in the construction industry, especially in energy conservation.

The analyst said it was likely to get some projects at Node 1 (South Johor) of the Iskandar Development Region (IDR) from Aldar Properties PJSC of Abu Dhabi.

Aldar Properties is part of a consortium that plans to invest billions of ringgit to build properties in Node 1 of IDR. It is also the master developer for 2,230 acres in IDR - Node 1.

Moreover, Aldar Properties has over 34 million sq m of land at strategic locations throughout Abu Dhabi with development projects worth over US$60bil.

The analyst said Swan Symphony could also tap into Aldar's vast network in the Middle East to bring Putrajaya Perdana into these markets and not just Malaysia, he said.

“Putrajaya Perdana has entered into an agreement with Aldar Properties to undertake some projects in the IDR,” he said, adding that further collaboration might lead to the company undertaking some projects in Abu Dhabi.

By The Star (Stories by Danny Yap and Fintan Ng)

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