This article first appeared in The Edge Financial Daily on March 14, 2019

KUALA LUMPUR: Cahya Mata Sarawak Bhd (CMS) said its indirect joint-venture (JV) entity has been awarded the contract to construct a bridge crossing with a connecting road in Bintulu, Sarawak for RM466.68 million.

The contract was awarded by the Sarawak government to a JV between PPES Works (Sarawak) Sdn Bhd and China Communications Construction Co (M) Sdn Bhd.

CMS owns 51% stake in PPES Works, whereas the remaining 49% is held by the Sarawak Economic Development Corp. This gives CMS an indirect 25.5% stake in the JV.

“The scope of work, known to the parties involved as ‘Package 5’, includes the proposed construction and completion of the proposed Bintulu Jepak bridge crossing Kuala Kemena, which upon its completion will not only improve connectivity, but will be an addition to the stunning engineering marvels to grace the Sarawak skyline,” said CMS in a statement yesterday.

The cable-stayed bridge will be 1,048m, with a four-lane double carriageway.

Also included in the scope of work is a flyover over Jalan Tun Ahmad Zaidi, Jalan Tun Razak and the Jalan Abang Galau traffic junction, with a 4km-long connecting road.

The contract runs for four years to April 2, 2023.

 CMS shares climbed seven sen or 2.1% yesterday to RM3.40, giving the group a market capitalisation of RM3.65 billion.