Mudajaya wins RM1.16bil LRT3 job from Prasarana

LRT_Rapid

It will bring group’s outstanding order book to RM3.5bil

PETALING JAYA: Mudajaya Group Bhd has bagged an award worth RM1.16bil from Prasarana Malaysia Bhd for construction works relating to the Light Rail Transit Line 3 (LRT3) project from Bandar Utama to Johan Setia.

The construction firm said the contract was awarded to its wholly-owned subsidiary, Mudajaya Corp Bhd, which will undertake the construction and completion of guideways, stations, park and ride, ancillary buildings and other associated works for Package GS01 of LRT3.

“The contract sum for the project is RM1.16bil, which comprises RM1.09bil for the tender sum and RM65.39mil for the 6% goods and services tax (GST) on the tender sum.

“The project is expected to be completed by February 2021 with a construction period of 39 months from the date of the letter of acceptance,” it said in a filing with Bursa Malaysia.

Mudajaya said the project is expected to contribute positively to the group’s earnings for the financial year ending Dec 31, 2017 (FY17) onwards.

“Upon the award of the project, the outstanding order book of Mudajaya as of to date stands at RM3.5bil,” it said.

Just last week, the company received a RM118.6mil contract from KLIAA-KLIACS Consortium to build a 16-storey office tower in Shah Alam. It said the Hevea Tower project would be completed by September 2019.

Mudajaya said it expected the project to contribute positively to earnings from FY17 onwards. This new contract win follows two contracts worth a combined RM151.38mil from Petroliam Nasional Bhd.

It also recently raised about RM61mil through a share placement, which involved 53 million shares representing 9.84% of the company’s issued shares at RM1.15 per placement share.

The funds raised from the placement exercise will be used to finance the construction of a new power concession asset.

The company has won a contract from the Energy Commission to develop a large-scale solar photovoltaic plant with a capacity of 49MW in Kuala Kangsar, Perak. Under the agreement, it will undertake the project on a build-own-operate basis.

The proceeds from the placement will be utilised to partially finance the construction cost of the power plant. Construction works started in July and the plant is expected to be completed next June.

The remainder of the fund will be used for the company’s working capital and to pay off expenses for the placement exercise of RM150,000.

Want to contribute articles to StarProperty.my? Email editor@starproperty.my.

SHARE

Related Articles: