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Mercury Bids For Jobs Worth RM562 Million Through New Subsidiary
By:
  • Mercury Industries is bidding for RM562 million worth of jobs through its new 70 percent-owned construction arm Paramount Bounty (PBSB).
  • Mercury shareholders voted in favour of the 70 percent acquisition of PBSB for RM42 million, its diversification into the construction business as well as a mandate for recurrent related party transactions (RPT) moving forward in an extraordinary general meeting on 15 July 2015.
  • Mercury anticipated a profit guarantee of RM6.6 million for FY2015 to FY2017 with the acceptance of projects such as the 1,600 apartment units in a PR1MA project from Meda in Malacca, a mixed development project in Kuala Lumpur worth over RM1 billion as well as a project with Andaman in Bangi.

Significance: Mercury expected the acquisition to be finalised by mid-August. Meanwhile, Mercury and Meda sought their shareholders’ mandate so that Mercury can accept RPT in the future.


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