GDB buys 70% of Eco Geotechnics

PETALING JAYA: GDB Holdings Bhd is acquiring a 70% stake in Eco Geotechnics Sdn Bhd for RM5.96 million.

The construction services firm said in a filing with the stock exchange that its wholly owned subsidiary Grand Dynamic Builders Sdn Bhd had entered into a share sale agreement with Goh Eng Ngai, Tan Loo Loo and Wong Choo Keong for the purchase.

Founded in 2011, Eco Geotechnics is a construction contractor specialising in major geotechnical and foundation engineering works. To date, it has successfully delivered more than RM240 million worth of piling and foundation works for construction and property development firms.

GDB said the proposed acquisition will enable the group to benefit from Eco Geotechnics’ bored piling and foundation works speciality, strengthen its competitive edge as an integrated builder, and create opportunities to expand its customer base.

“The proposed acquisition will also enhance the group’s prospects when tendering for jobs which involve sub-structure works as well as to create opportunities in securing superstructure works where contract owners call for separate substructure and superstructure tenders for a project.”