MGB Bhd, a construction and property development solutions provider and a subsidiary of LBS Bina Group Bhd, held a project launching ceremony for the development of its 1,007-acre (407.5ha) industrial estate at Kertih Terengganu Industrial Park (KTIP) at Hotel Resorts World Kijal, Kemaman in Terengganu.

       The ceremony was officiated by Terengganu Mentri Besar, Datuk Seri Dr Ahmad Samsuri Mokhtar, witnessed by the MGB Bhd group managing director, Datuk Joey Lim Hock Guan and MGB Bhd chief executive officer, Datuk Richard Lim Lit Chek. Also present in the event was Retro Court Sdn Bhd director, Datuk Hendri Dahlan.

       Earlier in September 2021, MGB via its wholly-owned subsidiary MGB Construction and Engineering Sdn Bhd (MGBCE) had signed a turnkey construction agreement with Retro Court Sdn Bhd to jointly develop the Kertih project. The Kertih project is part of KTIP, which is set to be Asia’s largest second-generation bio-refinery complex.

       As the turnkey contractor, MGBCE will undertake the entire design, financing, construction and completion, sales and marketing plus credit administration of the Kertih project. The estimated gross development value (GDV) of the Kertih project is approximately RM680mil.

       Located in the East Coast Economic Region’s special economic zone, KTIP is strategically connected with ready infrastructure and facilities such as gas processing plants, oil refineries and ports (Kemaman Port and Kertih Port).

       To encourage the development of KTIP, the government has offered tax incentives to investors. Existing investors at KTIP include Arkema Thiochemicals Sdn Bhd and CJ Bio Malaysia Sdn Bhd, while US-based biochemical company Gevo is constructing a US$500mil (approximately RM2.1bil) plant.

       MGB Group executive vice chairman Tan Sri Lim Hock San said, “MGB is looking forward to begin construction work at the Kertih Terengganu Industrial Park.

       “We would like to express our appreciation to Terengganu Mentri Besar, Datuk Seri Dr Ahmad Samsuri for taking the time to grace and officiate our event.

       “The Terengganu state government has rendered us with excellent support and we are excited to be working together with them and our joint venture (JV) partner to ensure the timely completion of the project.

       ‘The Terengganu state government has rendered us with excellent support and we are excited to be working together with them and our JV partner to ensure the timely completion of the project,” said MGB Group executive vice chairman Tan Sri Lim Hock San.

       He said, “We aim to complete the construction of the infrastructure works for Phase 1 of the Kertih project by 2024.

       “The sizeable GDV attributed to this project bodes well for MGB. Barring any setbacks, we expect the Kertih project to contribute to our top-line within the next year or two.

       “We will continue to push forward to provide value-added technology solutions to our clients and tender for new projects that will boost our momentum, increase our construction order book and enhance stakeholders’ value.”