Costain's Malay partner states global ambitions

Chase Perdana, the Malaysian company linked with Costain, is based in Kuala Lumpur and a contractor with a reputation for quality work, a Malaysian-based source told CJ this week.

Perdana formed a joint venture company with Costain in March this year. Called Chase Perdana-Costain, it was awarded a œ31 million contract for the construction of a large commercial development in Penang. The scheme includes 560 shops, offices and a commercial centre in the port of Butterworth.

Chase Perdana's latest results, covering the 12 months to December 1995 show a pre-tax profit of œ4 million, up from œ300,000, on a turnover of œ38 million (œ30 million).

The company, which started as a partnership in 1970, traded as Chew Piau until earlier this year when a new management board, led by Dr Mohan Swami, took over and switched to a more "globalised" name.

Karu Ppannan, finance director, told CJ: "We have diversified from construction, our core business, to other areas. We now wish to go international, targeting the rest of the world. The new name reflects this new outlook."

Chase Perdana is one of Malaysia's top 20 construction groups. A source told CJ: "Mohan Swami is now the controlling shareholder. He appeared two years ago. He was totally unknown and new to the construction industry, though we know he has a œ25 million personal fortune.

"Chase Perdana is not known for doing big projects, the jv project with Costain in Butterworth is one of the largest it has done. In the past it has mainly been awarded contracts by developers. Perdana didn't do developments itself. Profits jumped last year because there was a lot of cost cutting."