It is reported that construction outfit Bina Puri Holdings Bhd isbelieved to be in negotiations to acquire a coal mine in China anda tin mine in Kelantan. The source said "The Company is also looking at securinginfrastructure project soon to build a bridge in Jakarta. The focuswill still be on its core construction business but it is alsotrying to diversify into the commodity business and also businessesthat provides more recurring income." The company was last said to be exploring opportunities in tinmining in Indonesia back in 2004, when it was making a tin miningfeasibility study on the Indonesian island of Bangka. Bangka is rich in tin ore deposits and it is also where PT Koba Tina subsidiary of Malaysia Smelting Corp Bhd has a contract of workwith the government, giving it exclusive rights for exploration,mining and smelting tin over 41,680ha in Bangka Belitung Island. |
Itcalled off the proposed tin mining venture in 2005 after studiesrevealed low deposits that were not commercially viable in the saidarea. Diversified: Bina Puri has a 50% stake in the Latar concession. Bina Puri recently bagged a MYR 864 million highway concessioncontract from Pakistan National Highway Authority to construct theKarachi-Hyderabad Motorway in Pakistan after which it will hold theconcession for 28 years. The Pakistan contract is the company second highway concessionafter the KL-Kuala Selangor Expressway in which the company has a50% stake in the concessionaire in this case KL-Kuala SelangorExpressway Bhd.
Opened mid-last year, the 33 kilometers tollexpressway valued at MYR 958 million connects the north of TemplerPark, Rawang to Assam Jawa in Kuala Selangor. The construction outfit is also among the seven companies currentlybidding for the MYR 2.2bil Kinrara-Damansara highway contract. Withlow margins derived from its construction business, the company hasbeen trying to diversify its business by venturing into highwayconcessions, property development and power generation. In 2010, the group diversified into the power supply business byprocuring three units of 2MW power plants in Indonesia at Tobali,Mentok and Bengkalis by acquiring an 80% stake in Indonesia-basedpower plant owner and operator PT Megapower Makmur via Bina PuriPower Sdn Bhd to expand its exposure in electricity-generationprojects overseas to establish a larger recurring income base. Source - biz.thestar.
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