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KUALA LUMPUR (Oct 20): Vivocom Intl Holdings Bhd is forming a 60:40 joint venture (JV) with MACfeam Sdn Bhd to tender for contracts under the East Coast Rail Line (ECRL) project in Terengganu and Pahang.
In a filing with Bursa Malaysia yesterday, Vivocom said its subsidiary Vivocom Enterprise Sdn Bhd had inked a heads of agreement with MACfeam to form the JV consortium to bid for the said jobs.
In particular, the JV will tender for contracts which have been called by ECRL engineering, procurement, construction and commissioning contractors — China Communications Construction Co Ltd and China Communications Construction Co (M) Sdn Bhd.
MACfeam, established in 1997 and wholly owned by Pegasus Diversified Bhd, provides services in engineering and construction fields. It has a broad range of experience in bending, welding, heat treatment, and non-destructive testing of various types of steels used in the market.
Meanwhile, Vivocom said its cost and outlay for the JV have not been fixed, and shall be determined once the terms and conditions of a final agreement are mutually agreed upon.
At the closing bell, Vivocom’s share price closed unchanged at 14.5 sen with 40.76 million shares traded, giving it a market capitalisation of RM485.57 million.
This article first appeared in The Edge Financial Daily, on Oct 20, 2017.
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