Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (March 15): Ekovest Bhd announced that it has received the nod from Kuala Lumpur City Hall (DBKL) for a RM79 million “Blue River Project” contract.

“Our wholly-owned subsidiary EkoRiver Construction Sdn Bhd received a letter of intent from DBKL for its appointment as the design and build contractor to undertake the proposed 'Blue River Project' in the vicinity of the River of Life (ROL) Precint 7 — Masjid Jamek Kuala Lumpur Zone,” the company said in a filing.

The contract - with an estimated value of RM79 million - will be finalised upon negotiation between DBKL and EkoRiver, the group added.

The Blue River Project is part of the long-due ROL project spanning 10.7 km along the Klang River and Gombak River, of which Ekovest-Malaysian Resources Corp Bhd (MRCB) consortium was the project delivery partner (PDP) since 2011.

MRCB has since disposed of its 40% stake in the project to Ekovest for RM8.5 million in February 2016.

Ekovest won its two ROL jobs in October 2016 — its first project wins after MRCB’s exit — for Package 4A (Sungai Klang vicinity from Jalan Kinabalu to Jalan Maarof) and Package 4B (Brickfields), as well as to construct an interceptor system and related works to improve the river water quality along Sungai Gombak and Sungai Klang.

Ekovest is also en route to develop EkoGateway@KL River City project along Sungai Busuk and Sungai Gombak. The RM2.6 billion gross development value (GDV) project involves rehabilitation of the rivers, construction of 300 1Malaysia Civil Servant Housing, five service apartments, hotel and offices.

Ekovest's share price shed 2.14% or three sen at RM1.37, giving it a market capitalisation of RM2.95 billion.

      Print
      Text Size
      Share