We are a civil engineering contractor in Malaysia with over 16 years of experience, specialising in providing bridge engineering services as a subcontractor for large-scale transportation infrastructure engineering projects owned or initiated by the government or government-linked companies in Malaysia. With our reputation and experience in the civil engineering industry, we strategically expanded the scope of our civil engineering works to include flood mitigation works, which share the engineering procedures as bridge engineering works.
In 2004, Datuk Tan, our executive Director, acquired a majority shareholding interest in BBSB Holdings, our principal operating subsidiary in Malaysia, which subsequently became wholly owned by Datuk Tan and Datin Pan, our Controlling Shareholders.
We were first awarded in 2008 and currently hold a CIDB Grade G7 qualification in Category CE (Civil Engineering Construction), Category B (Building Construction) and Category ME (Mechanical and Electrical) in Malaysia, which is the highest grade of contractor licence under the CIDB, allowing us to undertake civil and structural works of unlimited tender/contract value. During the Track Record Period, our Group was a subcontractor in all of the projects we undertook.
Since our establishment, our Group has participated in a number of notable transportation infrastructure engineering projects in Malaysia, such as Eastern Dispersal Link, Duta-Ulu Kelang Expressway, Damansara-Shah Alam Elevated Expressway and the SUKE Highway. In 2024, we ranked the tenth largest bridge engineering subcontractor in Malaysia in terms of bridge engineering revenue, with a market share of approximately 2.5%. With our proven track record in delivering bridge engineering works of varying scales and complexity, we are well positioned to benefit from the government’s continued supportive policy in national and regional transportation infrastructure development.
OUR BUSINESS
Our services. Our business can be categorised into the following services:
(I) Bridge engineering works. Our bridge engineering services primarily involve (i) the design and construction of an entire girder bridge or any one or more of its sections with various structural configurations and span across roads and rivers; and (ii) the construction of the connecting highways, roads and facilities ancillary to the girder bridge such as drainage, sewerage, lightings and signages. Where required and at the request of our customers, we offer value engineering solutions to optimise and improve their design. The construction of girder bridges typically includes multiple stages, starting from planning and design, site formation and foundation works, to the substructure installation and superstructure erection, with each stage requiring coordination of structural, civil and safety considerations. Our Group is involved in some or all of such stages in relation to the section of a bridge for which we are responsible.
(II) Flood mitigation works. We have expanded into flood mitigation works, focusing on the design and construction of flood mitigation structural solutions to reduce flooding risks in urban and flood-prone areas. Our flood mitigation works involve similar engineering and project management processes to bridge construction, enabling us to effectively apply our existing expertise.
Our operations
We operate on a project-based model, sourcing opportunities through open tenders, invitations to tenders extended only to shortlisted candidates, and direct quotation requests. Only projects assessed by our management team as both technically feasible and financially sound will be proceeded to the tender or quotation submission stage. Upon receiving a contract, we will set up our project management team, engage subcontractors, and make necessary financial arrangements. Given the large scale and technical complexity of our projects, which demand precision and specialised expertise across both design and construction, we focus on project management, including overall project planning and coordination, quality assurance, and provision of holistic value engineering services to our customers.
The decline in our tender success rate from FY2023 to FY2024 was primarily due to: (i) our strategic decision to submit bids with higher profit margins as we were operating near full capacity in FY2024, which in turn reduced our competitiveness; and (ii) intensified competition for projects from our established contractor client base. For 6M2025, we successfully secured one out of three bid projects, resulting in an increase in success rate to approximately 33.3%. Please refer to the sub-section headed "Business - Our operations" for further details.
Our projects
Transportation infrastructure engineering projects are typically large-scale and complex, subject to regulatory requirements, and therefore often span several years from commencement to completion. Owing to their capital-intensive nature, these projects require substantial upfront costs and strong working capital, which in turn limits the number of projects we can undertake concurrently. Accordingly, our Group strategically focuses on securing large-scale, high-value projects that align with our financial capacity, operational expertise and long-term growth objectives. During the Track Record Period and up to the Latest Practicable Date, we successfully completed two transportation infrastructure engineering projects, with five projects ongoing as at the Latest Practicable Date.
Completed projects during the Track Record Period
Our first completed project (Project JB25) during the Track Record Period had a total contract value of approximately RM33.1 million. It involved step-in works to assist in the completion of certain outstanding portions, including mainline and associated works, site clearance, and temporary works, covering a total distance of approximately 0.66 km along the SUKE Highway. The SUKE Highway is a fully elevated tolled expressway in the Klang Valley, Malaysia, connecting Sungai Besi to Ulu Klang via a three-lane dual carriageway with multiple interchanges.
The second completed project (Project JB30) had a total contract value of RM25.0 million and involved the construction of earthworks and drainage works spanning approximately 9.6 km along the Raub Bypass, a toll-free expressway in Raub, Pahang, Malaysia which serves to direct traffic away from Raub town.
Ongoing projects as at the Latest Practicable Date
As at the Latest Practicable Date, our first ongoing project (Project JB27) had an original contract sum of approximately RM232.0 million and subsequently adjusted to approximately RM233.4 million and involves the construction of road works, a section of a girder bridge, and various ancillary works at a major federal highway across Peninsular Malaysia. The highway provides a four-lane inland route that enhances north–south connectivity between central and east coast regions. The project is expected to be completed by April 2027, with approximately RM65.4 million and RM24.2 million in revenue recognised for FY2024 and 6M2025, respectively, together with approximately RM42.1 million recognised prior to FY2024, and estimated RM101.7 million to be recognised after the Track Record Period.
Our second ongoing project (Project JB28), with an original contract sum of approximately RM165.0 million, involves the design and construction of a 2.8 km girder bridge, road works, and ancillary infrastructure across the Air Tawar River, connecting a district in Selangor to a district in Perak. Expected to be completed in June 2027, the project had recognised approximately RM33.7 million and RM46.2 million in revenue for FY2024 and 6M2025, respectively, together with approximately RM7.9 million recognised prior to FY2024 and estimated RM77.2 million to be recognised after the Track Record Period.
Our third ongoing project (Project JB29), with an original contract sum of approximately RM118.0 million, involves the design and construction of the road connected to the girder bridges and the entire section of two girder bridges and various ancillary works in a rural village located in the Kulim district of Kedah. Upon completion, the bridges and their associated roads are expected to significantly enhance regional connectivity. The project is expected to be completed in November 2028, with approximately RM1.2 million, RM6.5 million and RM2.8 million in revenue recognised for FY2023, FY2024 and 6M2025, respectively, and estimated RM107.6 million to be recognised after the Track Record Period.
Our fourth ongoing project (Project JB31), with an original contract sum of approximately RM96.0 million, involves the design and construction of flood mitigation structural forms at the Kenau River in Pahang. The scope of works includes site clearance and demolition, geotechnical structures, traffic management, and environmental protection works. The project is expected to be completed in April 2027, with approximately RM2.2 million, RM9.8 million and RM0.8 million in revenue recognised for FY2023, FY2024 and 6M2025, respectively, and estimated RM83.2 million to be recognised after the Track Record Period.
Our fifth ongoing project (Project JB32), with an original contract sum of approximately RM111.2 million, involves the construction of a total of 7.035 km dual carriageway (single lane each direction) consisting of one girder bridge and other ancillary works for a route in Peninsular Malaysia. The project is expected to be completed in March 2028, with approximately RM111.2 million estimated to be recognised after the Track Record Period.
Source: BBSB International (08610) Prospectus (IPO Date : 2025/12/31) |