Southern Score Builders Bhd (Southern Score Builders), which is on track to list on the ACE Market on 9 November following the successful reverse takeover (RTO) of G Neptune Bhd, is expanding its operations by utilising its end-to-end management services for property construction projects.
After shareholders of G Neptune decisively approved the RTO at an EGM on 13 September, the G7 contractor rode in as the white knight for G Neptune, which has been under GN3 status since December 2017.
The vendor of Southern Score Sdn Bhd (SSSB), Super Advantage Sdn Bhd, is diluting the transaction by offering a cumulative net profit guarantee of RM80.0 million for the fiscal years ending 31 December 2022 (FY2022) to fiscal year 2024. SSSB has become Southern Score Builders’ only operating subsidiary as a result of the RTO.
Tan Sri Datuk Seri Gan Yu Chai (Gan) and his son Yee Hin, who own 74% of Super Advantage, are now in control of Southern Score Builders as a result of the RTO. The managing director of Southern Score Builders is Gan, the company’s founder and a building industry veteran of 3 decades, while Yee Hin serves as the company’s CEO and executive director.
“The company would leverage on its end-to-end project management services, which includes project planning and design development all the way to project completion, to attract more business. “We have the network and the industry expertise to manage everything for the property developers while ensuring that projects are completed on time.”
“Malaysia’s economic recovery is well on its way based on growing exports, stable employment and wages data as well as government measures and policy that continue to be supportive of business and consumers. This recovery is positive for the construction sector, with activities in the civil infrastructure side, especially in transportation projects such as MRT3, fuelling interest in property projects located near the stations.”
— Executive Director and Chief Executive Officer of Southern Score, Gan Yee Hin
“Through our asset-light and flexible delivery model, we ensure a standardised and cost-efficient building process that is important at a time of volatile prices,” Yee Hin said, adding that the company is mitigating the risks from volatile prices through allocating a portion of the RM108.61 million proceeds raised from a private placement as part of the RTO for the purchase of building materials and the acquisition or rental of construction assets.
“We are also expanding the manufacturing capacity of TSPC’s facility through an allocation from the private placement proceeds as we seek opportunities to grow the IBS products business given the emphasis in the construction industry on sustainable building practices and operations and government initiatives encouraging such adoption”.
— Added Gan Yee Han
With two projects secured this year, Southern Score Builders has an orderbook of RM528 million as of to-date. Projects currently being built by the business include Vista Wirajaya 1 at PV9 Residences, Vista Sentul Residences, Vista Harmoni Sentul, Platinum Arena Residences, and Berlian Setapak 2 Residences.