Gamuda JV secures A$1bil NSW infrastructure contract

KUALA LUMPUR: Gamuda Bhd's joint venture with John Holland Pty Ltd has received the contract for the M1 Motorway extension to Raymond Terrace: Black Hill to Tomago Works.

In a statement today, the construction group said the JV received the award today from Transport for New South Wales, the procurement entity for the New South Wales government in Australia.

With regards to ownership, Gamuda has a 40% share in the JV with the remaining 60% held by John Holland.

The contract sum is A$1.029bil, which accordingly, gives Gamuda a A$411mil share of the revenue.

Gamuda said the scope of works includes 10km of greenfield dual carriageway motorway between the M1 Motorway at Beresfield and Tomago, major interchanges at Blak HIll, Tarro and Tomago and construction of nine bridges including a 2.6km-long viaduct across Hunter River and the floodplain.

The contractor is commencing planning and detailed design of the project immediately while site investigations and utilities work start mid-2023.

Trading in the shares and structured warrants of Gamuda was halted from 11.18am today in light of the material announcement.

The company said in a filing with Bursa Malaysia that trading will resume at 2.30pm today.

As at the trading halt, Gamuda's shares were trading unchanged at RM3.66 a share on the back of 366,700 units exchanging hands.