Central Global has announced that RYRT International, a 70%-owned subsidiary of the Group, had been awarded an RM183.29 million contract for the construction and completion of the “Projek Jalan Semawang ke Tanjung Kuala Gum-Gum” (the Project) in Sandakan, Sabah by Pembinaan Urusmesra.
Under the contract, RYRT International will be required to supply plant, machinery, labour, and material for the construction and completion of the project which is scheduled for commencement in October 2022. The Project is estimated to be
completed within three years.
“This contract award is a further testament to the success of our new business strategy which is to focus more on the construction segment. CGB’s acquisition of RYRT International at the beginning of the year was the Group’s much-needed catalyst that enabled us to establish our presence in Sabah whilst solidifying our construction business segment, particularly in the infrastructure sub-sector,” said Chew Hian Tat, Group Managing Director of CGB.
“We will continue to seek opportunities in Malaysia, especially in Sabah, leveraging on RYRT International’s expertise in the infrastructure sub-sector. We are hopeful that the construction industry will regain its growth trajectory
especially with the continuation or expediting of large infrastructure projects such as the Mass Rapid Transit 2, Light Rail Transit 3, Johor-Singapore Rapid Transit System, Pan Borneo Highway, and the Electrified Double Track Gemas-Johor Bahru
projects as this indicates a continuous need for contract work,” Chew added.
To recap, CGB expanded into the construction business through its wholly-owned subsidiary Proventus Bina in 2017 and has since been mostly active with residential projects in the northern region of Peninsular Malaysia. In January 2022, CGB acquired Kota Kinabalu-based RYRT International, an established infrastructure construction player with an extensive clientele.
The Company is currently actively undertaking infrastructure construction projects such as the “Projek
Menaiktaraf Sistem Bekalan Air di Lahad Datu Fasa 1”, and the “Projek Pembaikan Cerun di Sri Putatan, Lahad Datu”. To date, CGB’s order book is valued at RM410.09 million.