MGB BERHAD, the construction and property development solutions provider and subsidiary of LBS Bina Group Bhd, has entered into an agreement with Sany Alameriah For Construction Co. (SA).
SA is a joint-venture company incorporated in Saudi Arabia between Sany, the second-largest heavy equipment manufacturer in the world, and Alameriah, a renowned developer in Saudi Arabia.
It is involved in general construction activities, real estate development, infrastructure, design and build and manufacturing of precast concrete products.
SA aims to appoint MGB to design and build up to 10,000 property units, with a total project value of approximately 2.5 billion SAR (RM2.9bil) to be completed in five years.
Additionally, SA intends to collaborate with MGB to operate a precast concrete factory in Jeddah, which is envisioned to supply 1,000,000 m3 precast concrete products for the property units’ construction.
The signing of the memorandum of understanding (MOU) was at the LBS headquarters in Plaza Seri Setia, Petaling Jaya.
MGB executive vice-chairman Tan Sri Lim Hock San signed on behalf of MGB while SA was represented by SA board chairman Bandar Mohammad Al Amre.
The signing was witnessed by MGB group managing director Datuk Joey Lim Hock Guan, MGB chief executive officer Datuk Richard Lim and SA board member Tarek Amri.
The MOU will be effective from Jan 13 for a period of 12 months unless terminated by either party or both parties enter into a definitive agreement.
Hock San said the construction industry has progressively begun to embrace IBS Precast as the pathway towards attaining higher construction quality, improving productivity as well as greater efficiency.
“We look towards progressing leaps and bounds, driven by the use of our IBS Precast technology.
“The MOU with such a renowned developer marks a major milestone for us as we begin to tap into the Middle East market,” he added.