KUALA LUMPUR (AFX-ASIA) – Malaysian Resources Corp Bhd (MRCB) has placed two bids for power transmission projects in the Middle East, worth US$200-300 million each, chief executive officer Shahril Ridza Ridzuan said.
The construction projects MRCB has bid for — including other jobs that the company is looking at in the region — are in Kuwait, the UAE, Qatar and Saudi Arabia, he said.
“We are looking overseas, particularly in the Middle East, but more in terms of our area of specialty which are basically energy development, transmission, network substation .. that kind of project development,” he said.
He added that MRCB faces stiff competition for the projects, with some available via open tender and others only on a restricted basis.
In total, it has bid for RM4-5 billion worth of projects, including those in South East Asia. (US$1=RM3.8).
MRCB’s current construction order book amounts to RM800-900 million, which will keep it busy for the next three years. Some 90 pct of the order book comprises local projects.
While the company’s property division contributes 60% of its total sales now — with the balance coming from construction and overseas projects — MRCB would like to see a more balanced breakdown comprising 30-40% contribution each from property and construction and the rest from its engineering and overseas projects.