Quick take: Gamuda shares boosted by contract win

  • Business
  • Friday, 29 Mar 2019

KUALA LUMPUR: GAMUDA BHD is up over 1.4% in early trade Friday after the company announced it had won a RM521.7mil marine bridge contract in Taiwan.

The the construction giant rose 1.44%, or four sen to RM2.88 with 1.1 million shares traded.

Gamuda and Taiwan’s Dong-Pi Construction Co Ltd have been awarded the construction contract for the Marine Bridge project at Guan Tang in Taiwan by state-owned oil and gas company CPC Corp Taiwan worth RM521.71mil.

Gamuda said the construction would be undertaken by an incorporated joint venture company comprising of Gamuda and Dong-Pi with 70% and 30% stakes respectively.

“The scope of the works involves the construction and completion of the 1.23km marine bridge connecting a receiving terminal to a man-made island, inclusive of soil investigation, foundation, temporary bridge and working platform as well as environmental protection works,” it said.

The contract period of 44 months will commence in April.

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