IJM wins RM632m Pakistan contract

IJM Corp, via joint-venture company IM Technologies Pvt Ltd, has clinched a RM632 million contract to design and construct a 47-storey information technology complex in Karachi, Pakistan, which will be the tallest building in the country upon completion.Expected to be completed within 30 months, the building will comprise a three-storey basement carpark, a six-storey retail and commercial area, 41-storey office space, a 240-room hotel and a call centre that can accommodate 10,000 seats. Chief executive officer Datuk Krishnan Tan said the award of the contract indicates the Karachi local government's confidence in the expertise and capabilities of IJM as well as its partners."We are honoured to be given this project and hope there will be more cooperation as such in the future," he said after witnessing the project contract signing ceremony between IM Technologies and Karachi Development Co Ltd in Kuala Lumpur yesterday.IM Technologies, a 60-40 joint-venture company between IJM and Malpak Ltd, was represented by its director Datuk Goh Chye Koon, while Karachi Development was represented by Karachi mayor Syed Mustafa Kamal. Meanwhile, on Karachi's RM350 million elevated highway project, Tan said IJM will need to re-evaluate the project, including re-pricing, following the local government's decision to make some changes to the expressway design."We are not able to give a timeline on how long it will take to re-evaluate the project. It all depends. We will need to look at the entire project as well as the proposed changes," he said.Commenting on the present political climate in Pakistan, he said IJM remains interested to look for opportunities in the country, despite the higher risk factor."The risk is there. However, we are also looking at its interesting economic numbers. It has huge potential. "Currently, contribution from Pakistan is still insignificant to the group. However, this is a new territory for us and once we secure more projects, it is possible that it could be a significant revenue contributor to us," he added. -www.btimes.com.my