VTI Vintage gets RM200m SPNB job
19/10/2006 The Edge Daily  By Tamimi Omar

VTI Vintage Bhd’s unit Vintage Roofing & Construction Sdn Bhd (VRC) has recently secured a RM150 million to RM200 million contract from Syarikat Perumahan Negara Bhd (SPNB) to supply roofing tiles.

VTI managing director Ong Thuan Ming said the contract was to supply roofing titles and iron roof trusses for SPNB under the Ninth Malaysia Plan (9MP).

He added its products would be for about 34,000 housing units under the Skim Rumah Mesra Rakyat (RMR) and Skim Rumah Mampu Milik (RMM) for 2007 and 2008.

He said it was “a blanket contract” which would cover the SPNB’s housing project under the 9MP and there could be more housing units to be built later under the plan.

Excluding the SPNB contract, VTI’s current book order was RM50 million and Ong hoped to leverage on the contract to secure more housing projects.

VRC’s special purpose vehicle, Tirai Impresif Sdn Bhd was set up to facilitate the issuance of the RM100 million in medium term notes (MTN) to cover the SPNB’s roofing projects over the next 10 years.

On Oct 19 was the first drawdown of RM2 million, he said.

Malaysian Rating Corporation Bhd (MARC) has assigned a long-term rating of AA- to Tirai’s MTN.

“The rating assigned reflects the right issue structure which eliminates completion risks when understanding the contracts and the strong credit profile of the off-taker SPNB,” MARC said.