Riyadh – Mubasher: Red Sea Housing Services’ Malaysian subsidiary signed a Letter of Acceptance (LOA) with DESARU DEVELOPMENT HOLDINGS ONE SDN. BHD.
The LOA is to construct a staff village in the state of Johor in Malaysia to accommodate 1,700 of the company's employees at a value of SAR 62.81 million, according to a bourse filing on Wednesday.
The construction of the village will start on 8 February on three phases and is expected to be completed and handed over within 52 weeks.
The company noted that the project will be financed from the existing bank facilities, guarantees and bonds required through existing banks.
The financial impact for the project will appear starting from the second quarter of 2017, the statement said.
