GDB shareholders approve the amendment to the constitution of the Company to facilitate transfer to Main Market of Bursa Malaysia [Press Release]

  • Upon the receipt of the Securities Commission (SC) and Bursa Malaysia approval, the Group is expected to transfer by first half of 2020
  • Main Market status aligns corporate image to growing project portfolio
  • Targets to replenish order book with RM750.0 million worth of new jobs in 2020

Selangor, Malaysia, 21 February 2020 – Construction services group GDB Holdings Berhad (GDB, Bloomberg: GDB:MK, Reuters: GDBH.KL) today announced that its shareholders voted to approve the proposed amendments to the Constitution of the Company to facilitate the transfer to the Main Market of Bursa Malaysia Securities Berhad (Bursa Malaysia).

At the Extraordinary General Meeting today, Group Managing Director of GDB Mr. Cheah Ham Cheia stated that the proposed Main Market transfer, upon approval, will be a landmark occasion in the Group’s growth journey as it aims to continue its aggressive tender activity.

“Our plan to graduate to the Main Market of Bursa Malaysia in just two years after our listing on the ACE Market is a natural progression for GDB and reflects our larger scale of operations currently. 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. Our orderbook as at 30September 2019 stood at RM1.26 billion. Backed by a growth-centric mindset, the Group aims to replenish our existing orderbook with an additional RM750.0 million worth of new projects in 2020, which is 50% higher than last year’s target.”
Mr. Cheah Ham Cheia (谢汉正)
Group Managing Director of GDB Holdings Berhad

Among the new projects secured by GDB in 2019 includes Perla Ara Sentral in Ara Damansara, Park Regent in Desa ParkCity, 5-star Hyatt Centric hotel in Kota Kinabalu, Hap Seng Star Mercedes-Benz Autohaus in Setia Alam, Selangor as well as piling and substructure works for Aviary Residence in Puchong Horizon.

Since being incorporated in 2013, GDB, through its ethos of “early completion whilst adhering to the most exacting quality, safety, and environmental standards,” has delivered numerous iconic buildings throughout Klang Valley. This includes Etiqa office tower in Bangsar, two packages of KL Eco City in Mid Valley, One Central Park and Westside III in Desa ParkCity, and Menara Hap Seng 3 in Kuala Lumpur City Centre.

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. The Group added bored piling and foundation works to its in-house capabilities via acquisition of Eco Geotechnics Sdn Bhd, now known as GDB Geotechnics Sdn Bhd, in October 2019.

Commenting on the Group’s prospects in light of the Group’s transfer to the Main Market, Mr. Cheah said:

“The proposed transfer to Main Market will not only elevate our profile in the eyes of potential clientele as one of the nation’s leading builders, but also certainly allow us to tap into a broader investing community, especially the institutional funds. This will only enhance our shareholders’ value from greater investor participation.”

The proposed transfer is subjected to approvals from Securities Commission and Bursa Securities. Barring any unforeseen circumstances, GDB is targeted to transfer to the Main Market of Bursa Malaysia in the first half of 2020.

GDB was listed on the ACE Market of Bursa Malaysia on 27 March 2018.

About GDB Holdings Berhad (

Established since 2013, GDB has two subsidiaries namely, 100%-owned Grand Dynamic Builders Sdn Bhd (GDBSB) and 70%-owned GDB Geotechnics Sdn Bhd (GDB Geotechnics), formerly known as Eco Geotechnics Sdn Bhd.

GDBSB is an integrated construction group that are specialised in building sizable high- rise construction projects, with emphasis on environment, quality, and safety. GDBSB is equipped with multiple certifications such as ISO 9001:2015 Quality Management System, ISO 14001:2015 Environmental Management System, and OHSAS 18001:2007 Occupational Health and Safety Management System. GDBSB has also obtained the QLASSIC, CONQUAS, BQUAS, SHASSIC, and Green 5-S programme certifications for its various projects.

On top of that, GDBSB is registered with the Construction Industry Development Board (CIDB) of Malaysia as a Grade G7 contractor, which allows GDBSB to tender for projects with unlimited value in the categories of general building, general civil engineering, and mechanical works. GDBSB also obtained the Sijil Perolehan Kerja Kerajaan as a Grade G7 contractor that enables it to participate in tenders for Government projects with contract value of RM10.0 million and above.

Its 70%-owned subsidiary, GDB Geotechnics, extends the Group’s in-house capabilities to include geotechnical and foundation engineering works. This comprises bored, caisson and micro piling solutions, diaphragm walls, earth retaining systems, soil treatment, earthworks, basement works as well as general construction.

GDB Geotechnics also holds a Grade 7 License from the CIDB of Malaysia.

Issued for and on behalf of GDB HOLDINGS BERHAD by Aquilas Advisory (Malaysia) Sdn Bhd. For media enquiries, please contact:
Ms. Julia Pong            T: +603- 27111391 / +6012-3909 258
Mr. Hanif Kamarudin   T: +603-2711 1391 / +6011-2380 6132