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KUALA LUMPUR (April 22): Shares in Gadang Holdings Bhd and DWL Resources Bhd rose this morning after the duo entered into a pre-bid consortium agreement to jointly tender for and undertake infrastructure projects.
According to sources, the Gadang and DWL consortium is said to have submitted its bid for jobs in the newly revived East Coast Rail Link (ECRL). The contract value could be to the tune of multibillion ringgit.
At 9.16am Gadang rose 5.59% or 4 sen to 75.5 sen with 4.49 million shares traded while DWL jumped 16.03% or 21 sen to RM1.52 with 1 million shares traded.
In a filing with Bursa Malaysia last Friday, Gadang said the agreement was signed Thursday between its wholly-owned subsidiary Gadang Engineering (M) Sdn Bhd (GESB) and DWL’s unit Million Rich Development Sdn Bhd (MRDSB).
Under the agreement, a consortium, named DWL-Gadang Consortium, will be set up, whereby GESB will have a 70% stake, with the remaining 30% to be owned by MRDSB.
MRDSB is presently engaged in the business of property development and other related services, and has expertise in the field of strategic master plan design and undertaking architecture and other related project works, Gadang said.
Gadang said the partnership agreement shall remain in force for 12 months.
