PRG eyeing highway, bridge and port jobs

PETALING JAYA: PRG Holdings Bhd is looking to expand into the highway, bridge, port and housing development as well as project investment and financing projects in Malaysia and internationally through its partnership with Jiangsu Provincial Construction (M) Sdn Bhd (JPC).
PRG is currently involved in property development, construction, and manufacturing businesses.
The collaboration will also include the potential RM5 billion construction projects to be developed by PRG and the subsidiaries of Syarikat Perumahan Negara Bhd.
JPC is a unit of China's Jiangsu Provincial Construction Group Co Ltd (JPC Group), which is one of the pioneers in the Chinese construction industry, directly under the Construction Bureau of Jiangsu Province.
To date, JPC Group has 4,500 employees and works on businesses across more than 30 countries, with an annual output value of nearly RMB30 billion (RM19 billion) and total assets of RMB15 billion (RM10 billion).
PRG Group managing director Datuk Lua Choon Hann said the collaboration agreement entered is to formalise the commitments by both parties in the strategic cooperation agreement that was signed in July this year, as well as to regulate the rights and obligations as a shareholder in the joint venture entity, Premier JPC.
PRG and JPC will hold 51% and 49% stake in Premier JPC, respectively.
According to the agreement, PRG will assist Premier JPC in securing highway, bridge, port, housing development, as well as project investment and financing contracts in Malaysia, including affordable housing projects under the Ministry of Finance, Malaysia.
Meanwhile, JPC is responsible for or to professionally and diligently to perform, complete, and comply with all the terms and conditions of the contract works obtained by PRG.
PRG shares rose half a sen or 0.5% to RM1 on some 180,500 units done.