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Monday March 11, 2013 MYT 12:00:00 AM
Thursday April 18, 2013 MYT 12:39:59 AM
THE role of Zenith Construction Sdn Bhd in Consortium Zenith BUCG Sdn Bhd is as the project management consultant of the proposed undersea tunnel and three road projects in Penang that cost RM6.3bil.
The company said in a press statement that Zenith Construction would undertake the financing for the proposed projects.
“The consortium comprised companies having a total combined paid-up capital of RM4.5bil,” read the statement.
It also described the role of Zenith Construction’s partners.
“The China Railway Construction Corporation Ltd (CRCC) is an unincorporated joint-venture partner with Zenith Construction in which Zenith markets and secures projects for them in Malaysia. CRCC is not holding any shares in the consortium.
“Beijing Urban Construction Group (BUCG) is the technical provider and contractor for the project.
“Juteras Sdn Bhd and Sri Tinggi Sdn Bhd are local contractors of the projects,” it said.
The statement said BUCG and CRCC were unable to provide financing for the project since the Penang government would not be issuing sovereign guarantee for the pro-
“The project financial arrangement ma-noeuvred by Zenith Construction will be through equity financing, partly from the consortium members and international infrastructure funds and debt financing via loans or issuance of long-term debt securities,” read the statement.
It also stated that Zenith Construction is a Bumiputra-controlled company and that BUCG and CRCC were going to utilise Malaysian manpower resources throughout the projects.
It said: “In the limelight, with all the circumstances given, the consortium is still negotiating the terms and conditions of the contract with the state government.
“The details of the contract are still not being made known by the state government.”
Meanwhile, a group of some 20 fishermen from the Teluk Bahang Fishermen Association (Tanjung Bungah unit) voiced their displeasure over the proposed undersea tunnel.
Unit chief Ismail Din, 70, said the building of the tunnel would affect the livelihood of fishermen in the area.
“Our main source of income will be affected if the project continues,” he said.
Unit advisor Terry Khoo, 72, said the building of the tunnel would affect the seabed, causing the breeding ground of fishes, squids and crabs to be destroyed.
“The state should first discuss with the representatives of the fishermen in affected areas before proposing the idea.
“We hope that the state can consider our objection to the proposed undersea tunnel,” he said.
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