MGB share price unchanged despite expected contract wins

PETALING JAYA: MGB Bhd, formerly known as ML Global Bhd, share price was unchanged at 9.35 sen after it received a letter of intent from Kemudi Ehsan Sdn Bhd (KESB), a subsidiary of LBS Bina Group Bhd for piling, building and internal infrastructure works worth RM175.2 million for the proposed Phase 3A and Phase 3B development projects in Ijok, Kuala Selangor.
LBS Bina is a major shareholder of MGB. The stock hit a high of 94 sen and a low of 93 sen before settling at the current price. Only 17,900 shares changed hands. LBS Bina share price was down one sen to 88 sen on 32,200 shares done.
Phase 3A – comprises 362 units double storey terrace house, one surau, one multipurpose hall, 2-storey library & kindergarten, one NB substation, one main switching station, one refuse chamber and one guard house for RM70.6 million.
While, Phase 3B is made up of 494 units double storey terrace house, 28 units double storey semi-detached house, 2 TNB substations and other works related to housing development under gated community scheme at an estimated value of RM104.6 million.

Tan Sri Lim Hock San, is the group managing director of both MGB and LBS Bina, and a major shareholder of LBS Bina; and
Datuk Wira Lim Hock Guan, is an executive director of both MGB and LBS Bina, and a major shareholder of LBS Bina.