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Tuju Setia seeing pre-Covid work volume in 2021 Tuju Setia seeing pre-Covid work volume in 2021

By THOMAS HUONG profit to reward shareholders. building information modelling (BIM) system huong@thesta「.com.my “Tuju Setia,s track record as a main con­ software to upskill design and construction tractor and builder of choice is built on our activities, as well as buying land and con­ KUALA LUMPUR: Construction services core values of selecting a reputable clientele, structing new storage facilities for better group Tuju Setia Bhd is expecting business to having strong technical expertise and achiev­ organisation and utilisation of machinery recover to pre Covid-19 levels in 2021, based ing quality accreditations, and equipment and improve efficiency of on its RM953.1mil order book as at end­ “亦ese strong fundamentals enabled Tuju maintenance works. March, according to managing director Wee Setia to persevere despite the challenging Another RM19mil will be for working capi­ Eng Kong. 2020. tal, and RM5mil to defray listing expenses. “We will be busy in 2021. We are seeing “Not only did we achieve meaningful pro­ Tuju Setia勺 IPO involves a public issuance figures similar to 2019, before the pandemic,M gress in our existing projects, but also won of 80 million new shares priced at 70 sen said Wee after the launch of the group's initial new mandates from trusted developers,M he apiece, along with an offer for sale of 27 mil­ public offering (IPO) prospectus here yester­ said. lion existing shares. day. Since its set-up in 2006, Tuju Setia has com­ Of the 80 million new shares, 15.9 million Also present was Alliance Investment Bank pleted 18 high-rise projects of up to 51 levels shares will be for the Malaysian public via Bhd head of corporate finance Tee Kok Wah, with a contract value of RM2.23bil. balloting, and 6.3 million shares will be for who pointed out that from the latest order Wee added that the IPO will enhance Tuju application by the group's eligible directors, book, RM355mil is expected to be recognised Setia's current core competencies and employees and persons who have contribut­ for the last three quarters of 2021. improve the group's capacity in constructing ed to its success. **This already exceeds the group's RM256mil high-rise buildings, and design and construc­ Another 31.7 million shares will be made revenue in 2020, and this does not even tion of hospitals and healthcare facilities. available via private placement to selected include the revenue for the first quarter of Tuju Setia's order book comprises projects bumiputra investors approved by the 2021," explained Tee. such as Mutiara Central Office Suites (Cheras), Ministry of International Trade and Industry. Wee also said the groups latest order book Riana Dutamas - Phase 2 (Segambut), The The balance 26.1 million new shares, would sustain its earnings till 2024, and it has Pulse Residence (Bandar Puteri ) and together with 27 million existing offer-for- a tender book of RM4bil. 121 Residences (), PPAM sale shares, will be placed out to selected According to the IPO prospectus, for the SofiyaResidensi (DesaParkCity), Emerald Hills investors via private placement. financial year ended Dec 31, 2020 (FY20), the -Phase 3 and 4 (Cheras), Tuai Residence Applications for Tuju Setia's IPO will close group posted a 39.34% year-on-year (y-o-y) (Setia Alam) and the Women and on May 5,2021 at 5pm. drop in revenue to RM255.77mil (FY19: Children Hospital. Tuju Setia is slated to list on the Main RM421.64mil) due to a general slowdown of The group's clientele includes S P Setia Bhd, Market on May 19, 2021. the construction industry coupled with the IJM Bhd, Bandar Raya Development Bhd, Alliance Investment Bank Bhd is the princi­ completion of a number of projects. Perdana ParkCity Sdn Bhd, UEM Sunrise Bhd, pal adviser to Tuju Setia's IPO exercise, as well In FY20, the group posted a 4.61% y-o-y Symphony Life Bhd, GuocoLand () as joint underwriter and joint placement increase in profit after tax to RM16.27mil Bhd and the Malaysian Public Works agent, together with CIMB Investment Bank (FY19: RM15.55mil) due to a net gain on Department (JKR). Bhd. impairment of RM6mil, coupled with an Tuju Setia aims to raise RM56mil from its improvement in the gross profit margin of IPO on the Main Market. the design and construction segment. From the IPO proceeds, RM32mil will be for Watch the video Regarding its dividend policy, Wee said the capital expenditure such as buying new con­ group aims to distribute 25% of its annual net struction machinery and equipment, and TheStarTV.com