Background

We were the biggest shareholder of Consortium Zenith Construction Sdn Bhd (CZC) which was the main contractor for the RM 6.3 billion Penang Major Roads and Third Link Project through its Zenith Construction Sdn Bhd. VLDSB has relinquished its stake in CZC in 2020. VLDSB was also the largest shareholder of Vertice Berhad, a construction company, listed in Bursa Malaysia.

The Penang State Government has identified 3 roads and one undersea tunnel construction projects which are vital for Penang to sustain economically; and to generate an inclusive and well-balanced development to the state. Consortium Zenith Construction Sdn Bhd has been awarded this project through an open tender in 2013.

These road projects were to be funded through 110 acres of Prime Land on Penang Island which was slated to be developed as part of the Gurney Wharf Development that will transform the shoreline of Gurney Drive. The development generates a Gross Development Value of about RM20 billion. 

Vista Lestari Development Sdn Bhd was the largest shareholder of Vertice Berhad, previously known as Voir Holdings Berhad, an apparel company. Through a corporate exercise in 2016, Vista Lestari emerged as the largest shareholder and diversify the company into Construction and Property business to become part of the RM6.3 billion Penang Major Roads and Tunnel project.