GDB holdings to transfer listing to Bursa Main Market by first half 2020 [Malay Mail]

KUALA LUMPUR, Feb 21 — Construction services firm, GDB Holdings Bhd (GDB) is expected to transfer its listing to the Main Market of Bursa Malaysia Securities Bhd from the ACE Market by the first half of this year.

Group managing director Cheah Ham Cheia said the plan to graduate from the ACE Market to the Main Market was a natural progression for GDB with the consent of shareholders and reflects the larger scale of its current operations.

GDB Holdings was listed on the ACE Market on March 27, 2018.

“Over the past 12 months, the group has grown from strength to strength and achieved notable milestones, including winning our highest number of contracts in a single financial year despite the sector doldrums, entering new segments to construct industrial and hospitality buildings, and completing our first acquisition to widen our scope of expertise.

“The proposed transfer is subject to approval by the Securities Commission and Bursa Securities,” he said in a statement in conjunction with the GDB’s extraordinary general meeting today.

Cheah said GDB aimed to replenish its order book with an additional RM750 million worth of new jobs in 2020, which is 50 per cent higher than last year’s target.

As at Sept 30, 2019, GDB’s order book stood at RM1.26 billion, he said.

New projects secured by GDB last year included Perla Ara Sentral in Ara Damansara, Selangor, Park Regent in Desa ParkCity, Hap Seng Star Mercedes-Benz Autohaus in Setia Alam, Selangor, and 5-star Hyatt Centric hotel in Kota Kinabalu, Sabah.

GDB is principally involved in the provision of construction services, focusing on high rise residential, commercial and mixed development projects as main contractor and principal works contractor. — Bernama