SRS TC secures RM3.72bil construction work in Penang

KUALA LUMPUR: Silicon Island Development Sdn Bhd, a 30:70 project developer company between PIC PD Sdn Bhd and SRS PD Sdn Bhd, has awarded the design, management, construction and completion of the Phase 1 Reclamation Works of Island A, Penang South Reclamation valued at RM3.72 billion to SRS TC Sdn Bhd as the turnkey contractor.

SRS PD and SRS TC are wholly-owned subsidiaries of Gamuda Bhd.

In a filing with Bursa Malaysia today, Gamuda said the turnkey contractor has simultaneously onward awarded Phase 1 Reclamation Works to Gamuda Engineering Sdn Bhd, another wholly-owned subsidiary of Gamuda.

"The scope of the contract includes design, management, construction and completion of the Phase 1 Reclamation Works for Island A measuring approximately 655.59 hectares all in compliance with the authorities’ approvals.

It said the construction would commence from July 1, 2023 to June 30, 2030.

"The Phase 1 Reclamation Works are expected to contribute positively to the revenue and earnings of Gamuda Group for the financial year ending July 31, 2024,” it said. - Bernama