Gamuda, MRCB rise on HSR team up

Gamuda and MRCB will each have a 50% stake in the entity bidding for the PDP project.

KUALA LUMPUR: Share prices of Gamuda Bhd and Malaysian Resources Corp Bhd (MRCB) trended higher at the opening bell on news that they were teaming up in a bid to be appointed project delivery partner for the Kuala Lumpur-Singapore High Speed Rail project.

Gamuda had announced on Tuesday that it had entered into an agreement with MRCB to jointly bid for the job.

The value of the civil infrastrucuture works for the Malaysian portion of the project is estimated at RM30bil.

At 9.05am, Gamuda was up three sen or 0.65% to RM4.65 on low volume while MRCB was up two sen or 1.98% to RM1.03 on higher volume of 1.04 million shares.

Gamuda's share price has come under pressure in recent weeks on expectations that the infrastructure company might not be in the running for the Mass Rapid Transit 3 project. The counter has shaved about 43 sen or 8.5% off its value since Nov 7.