BStead ... Jun11

1MDB has awarded a rm2.8 billion contract to construct a new base for the RMAF to LTAT.

LTAT has a wholly owned corporation PPHM, which is involved in property development, project management, construction, supply of building materials and insurance services.

PPHM is a registered Class A contractor and a listed Graded G contractor. PPHM has successfully completed various development projects for LTAT, the Ministry of Defence and several government agencies and private developers.

PPHM’s projects are mainly in the building of low cost housing, with projects in Bkt Jalil amd Mutiara Damansara in the Klang Valley as well as Mutia Rini in Johor.

LTAT also has a 59.28% stake in BStead Holdings Bhd, where property development is one of the core businesses.

It is uncertain whether LTAT will develop the new air forces base on its own or engage other experienced developers or construction companies. Observers say BStead, being a subsidiary of LTAT, may get a slice of the pie should the armed forces fund opt to involve other companies.