Tan sri ak nathan biography of martin
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But in structural steel development, we are like an EPC player. In 2001, our Group was involved in the erection of mechanical and structural steel work for the boiler plant, coal and ash plant, fuel gas desulphurization plant and the coal stockyard for the 3x700 megawatt Jana Manjung coal-fired power plant in Malaysia.
It was awarded the contract to erect the tower head and spire steel for the Kuala Lumpur Tower which stands at 421 metres. I am very happy because we have this one loan (US$115 million term loan) that needs to be restructured. In 2008, Eversendai Corporation Berhad commenced the construction of its fourth fabrication plant at the Rawang Integrated Industrial Park, Malaysia.
But I have not written it off. Once it is completed, Vahana can realise the value. Another bank took over, but it is more comfortable with Eversendai, being a listed company and all.
Once [Vahana] can raise the funds, either by selling the assets or getting the money from contracts, the numbers in Eversendai’s books will be neutralised.
Who are you chartering the vessel to?
The first vessel is chartered to Zameel [Offshore Services Co] and the vessel is working for Saudi Aramco.
In the same year, our Group was awarded its first major design and construction project for the Kuala Lumpur Sentral Station in Malaysia.
At present, a majority of our designing and draughting services are carried out by Eversendai Construction Pvt Ltd, our subsidiary in Chennai, India. The total steel used for the construction of the Burj Khalifa was approximately 8,220 MT.
The steel spire of the Burj Khalifa, weighing approximately 350 MT, was constructed from within the building and jacked to its permanent position using a strand jack system.
In 1997, our Group set-up a full-fledged engineering department to enhance our value proposition to our clients. It was once the world's tallest hotel at 321 metres.
It is not very damaging. Because one, they must complete it as it is of national interest.
It is more of a collaboration and we are still working out the details.
The ski village is one project I have been targeting right from the beginning. We already sold one asset (two land parcels in Sungai Buloh for RM63 million), and that will pay for some of the loans. There are some payments to be made. We are having a good problem.
If we could turn back the clock, would you still have ventured into oil and gas?
I probably wouldn’t go into the oil and gas industry because of the volatile nature of business.
And it is a high-profile, landmark project.
One of the main pain points of concern to the market is Eversendai’s balance sheet. In 2004, our Group commenced the construction of a new fabrication plant at the Hamriyah Free Zone, Sharjah in UAE followed by another steel fabrication factory at Doha, Qatar in 2006.
[It is to have a] longer term, and also make it more palatable so that it’s workable both ways. The second vessel is about 55% to 60% completed.