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Thursday, March 6, 2014

Newly-appointed Chai hopes to make impact at Astral Supreme (extr.Star)

Newly-appointed executive director of Astral Supreme Bhd Datuk Eddie Chai Woon Chet has denied he has any shares in the company but lays out plans to turn around the company with a focus on construction activities.

“I don’t have any stake in Astral Supreme, I was invited by board members to come in,” he told a press conference called by the company.

Another new director to the company is Wong Kwai Wah, who is an executive director of Consortium Zenith BUCG Sdn Bhd, the company that is reportedly the developer of the proposed RM6.3bil undersea tunnel in Penang.

Chai, the son of Sabah timber tycoon Tan Sri Chai Kin Kong, said Astral Supreme’s construction unit had been invited to submit a tender for a RM600mil project by the government under the latter’s Project Perumahaan Rakyat (PPR) plans.
He added that the company was confident of winning the project.

“We have a short deadline to submit our tender, and we are confident of turning around the company via the construction arm,” he said.

Chai said the project would entail the construction of 40,000 units of apartments in Sabah, Malacca, Kelantan and Johor.

It isn’t clear on what basis Astral Supreme has been identified by the Government for this PPR project.

But last August its construction unit, Astral Supreme Construction Sdn Bhd teamed up with Zenith PMC Sdn Bhd to manage, perform and carry out feasibility studies and detailed designs for certain roadworks and the undersea tunnel between Penang island and Seberang Prai.

Astral Supreme reported a net loss of RM10.1mil for its year ended Dec 31, 2013. The company’s main business is in electronic component manufacturing.

Chai made news earlier this year when he surfaced in telecommunications company XOX Bhd. He was made managing director of XOX in January and one report speculated that the Chai family had gained control of the loss-making XOX.

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