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KUALA LUMPUR (March 16): The validity of the letter of award to the Gamuda Bhd-led consortium chosen as project delivery partner for the RM46 billion Penang Transport Master Plan has been extended till Aug 31.
This is second extension of the LOA by the Penang government after the previous one, announced on July 29 last year, expired on Feb 28.
Gamuda holds a 60% stake in the consortium known as SRS Consortium. Its partners are Ideal Property Development Sdn Bhd and Loh Phoy Yen Holdings Sdn Bhd, which both own 20% stakes.
In a filing with Bursa Malaysia, Gamuda said the second extension made on Feb 28 was accepted by SRS today.
It said all the terms and conditions of the LOA remain unchanged.
SRS, which was selected as the project delivery partner in August 2015, is tasked to implement the master plan comprising a 20km highway, light rail transit and monorail public transport components in Penang Island and Seberang Perai, and provide new reclamation sites.
Gamuda’s share price closed up one sen or 0.2% yesterday at RM5 for a market capitalisation of RM12.1 billion. — theedgemarkets.com
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