Putera Capital Bhd (Putera Capital)

Putera Capital Bhd (Putera Capital) has bid for construction jobs worth about RM9 billion in Malaysia despite having its first restructuring proposal rejected by the authorities. The group is curre
ntly awaiting response to its second revamp plan.

Chief executive officer Wan Azman Wan Salleh said: “If all goes well, we can embark on these projects with our strategic partners.”

Wan Azman declined to comment further on the revamp plan. The group has not made money in seven years and could possibly have its shares taken off the stock exchange. The group recorded a loss of RM9.2 million on revenue of RM1.5 million for the financial period ended 31 May 2008.

Putera Capital has closed its loss-making textile division and has decided to focus on the construction and infrastructure business. It currently holds a 20 per cent stake in West Coast Expressway, a multi-billion ringgit project which has not begun.

The group is also engaged in a partnership with Melewar Industrial Group Bhd to construct a proposed RM2.2 billion monorail system in George Town, Penang. Wan Azman said the group remains hopeful of the project, for which it is still waiting for response from the state government.

This entry was posted on Thursday, December 25th, 2008 at 4:52 pm and is filed under Malaysia, News. You can follow any responses to this entry through the RSS 2.0 feed.