Gamuda bags RM521.7m marine bridge contract in Taiwan

This article first appeared in The Edge Financial Daily, on March 29, 2019.
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KUALA LUMPUR: Gamuda Bhd has bagged a contract worth NT$3.95 billion (RM521.75 million) from Taiwan's state-owned energy company, CPC Corp, to construct a marine bridge and related works in Taiwan.

Gamuda said the contract was awarded to both the group and a Taiwanese construction company, Dong-Pi Construction Co Ltd, and that the job will be undertaken via an unincorporated joint-venture company in which Gamuda will hold a 70% stake and Dong-Pi will have 30%.

The new job involves the construction of a 1.23km marine bridge connecting a receiving terminal to a man-made island, and a 284m long road embankment, and includes soil investigation, foundation, a temporary bridge and a working platform, together with environmental protection work, Gamuda announced in a stock exchange filing.

The contract will start from April this year and is expected to be completed by November 2022.

“The work is expected to contribute positively to the revenue and earnings of the group for the financial year ending July 31, 2019,” Gamuda said.

Gamuda shares rose four sen or 1.43% to RM2.84 yesterday, giving the group a market capitalisation of RM7.01 billion. The counter saw some 4.84 million shares done.