Seacera announces plan to buy into Teras Sari Resources, the day latter bags RM338m contract

PETALING JAYA: Tile manufacturer Seacera Group Bhd's unit Seacera Builders Sdn Bhd proposes to buy a 70% stake in Teras Sari Resources Sdn Bhd, a company which today accepted a letter of intent for road upgrading work in Pahang for RM338 million.

Teras Sari Resources today received and accepted a letter of intent from the Public Works Department for a RM338 million project to upgrade the trunk road from Pekan town to Kampung Sungai Miang, Pekan, Pahang.

Seacera Builders entered into a heads of agreement, which is valid for 90 days, with LT Century Development Sdn Bhd and LTC Holdings Sdn Bhd for a 70% interest in construction and civil engineering company for a price to be decided later.

Teras Sari Resources, which is also in the water sector is registered with Contractor Services Centre as a Class ‘A’ contractor with bumiputra status and the Construction Industry Development Board with Grade 7 majoring in construction of building and civil engineering works.

Seacera's share price was unchanged at 73 sen with some 215,300 shares changing hands.