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Saturday, November 29, 2008

Putera Capital bidding for RM9b local jobs

Despite its status as a financially-troubled group, Putera Capital Bhd has bid for construction jobs worth about RM9 billion in Malaysia.

The group, which had its first restructuring proposal rejected by the authorities, is awaiting response to its second revamp plan.

"If all goes well, than we can embark on these projects with our strategic partners," chief executive officer Wan Azman Wan Salleh said after the group's annual general meeting in Kuala Lumpur yesterday.

However, he declined to comment further on the revamp plan.
The group has not made money in seven years and it faces the threat of having its shares taken off the stock exchange.

For the financial period ended May 31 2008, the group posted a loss of RM9.2 million on revenue of RM1.5 million.

Putera Capital has closed its loss-making textile division and it wants to focus on the construction and infrastructure business.

It holds a 20 per cent stake in the West Coast Expressway, a multi-billion-ringgit project that has yet to take off.

On its partnership with Melewar Industrial Group Bhd to build a proposed RM2.2 billion monorail system in George Town Penang, Wan Azman said the group remains hopeful of the project.

They are still waiting for a response from the state government, he added.

By Business Times (by Zurinna Raja Adam)

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