KUALA LUMPUR (Aug 20): Gadang Holdings Bhd has bagged a RM86.09 million contract from TRX City Sdn Bhd, a company owned by the Ministry of Finance and the master developer of the RM40 billion Tun Razak Exchange (TRX) development here, to undertake public realm infrastructure work (Phase 1) at TRX.

The tender for the contract was called in January, following a pre-qualification exercise in October last year.

In a filing with Bursa Malaysia today, Gadang said its wholly-owned subsidiary, Gadang Engineering (M) Sdn Bhd, has received and accepted a letter of award from TRX City for the proposed project.

The project will commence on Sept 1, with completion by the third quarter of 2019.

"The project is expected to contribute positively to the group's earnings and net assets for the financial year ending May 31, 2019," said Gadang.

In a separate statement, TRX City Sdn Bhd said the contract covers the structural work, as well as hardscape and softscape for the North-West Plaza, which is TRX pedestrian entrance from Bukit Bintang, and the North East Plaza, also known as the TRX MRT Plaza. 

"Gadang will also be upgrading the streets immediately surrounding TRX, and providing landscaping works for TRX internal roads," it added.
 
TRX’s public realm makes up more than a quarter of the TRX development, which emphasises on incorporating the district into the existing urban fabric of the Bukit Bintang shopping belt.

Gadang shares closed up one sen or 0.68% at 74 sen today, for a market capitalisation of RM492.98 million. Year-to-date, the stock's share price has fallen 33.3% from its closing of RM1.11 on Dec 29, 2017.