Vertice Bhd, formerly known as Voir Holdings Bhd, a fashion retailer and construction firm, today reiterated that recent media reports on Malaysian Anti-Corruption Commission’s investigation on the undersea tunnel project in Penang will not impact its progress.
The project was an integral component of the Penang Transport Master Plan, the company said in a statement.
Vertice said the role of its 13.2 percent-owned associate company, Consortium Zenith Construction Sdn Bhd, as the main contractor for the tunnel project would continue as previously planned.
“As part of the company’s diversification efforts, the main revenue driver for the group will be from construction projects secured and executed by its 100 percent-owned unit, Vertice Construction Sdn Bhd, which has secured multiple projects worth more than RM100 million in recent months,” it said.
“We expect that this growth momentum will continue in financial year 2018 and beyond, therefore, Vertice’s financial performance will not be adversely impacted by the recent reported events,” it added.