KUALA LUMPUR (Jan 2): A Malaysian-Taiwanese joint-venture firm, owned 70% by Gamuda Bhd, has bagged a RM932.5 million contract to construct a seawall and a dike project.
In a bourse filing, Gamuda said the five-year contract was awarded by Port of Keelung, Taiwan International Ports Corp Ltd, a Taiwan state-owned ports operation company.
The remaining 30% stake in the JV firm is held by Taiwanese civil construction company Dong-Pi Construction Co Ltd.
The firm is to construct a 4,014-metre long seawall for a reclamation project in the logistics storage area of Taipei port, and dismantle 945 metres of existing seawall structures.
In addition, the firm will conduct Southport shore protection works.
The contract, which starts this month, is expected to be completed by January 2025.
“The works is expected to contribute positively to the revenue and earnings of the group for the financial year ending 31 July 2020,” Gamuda said.
This is not the first time Gamuda and Dong-Pi have worked together. Their joint-venture company was also deployed for the construction of a marine bridge for the third liquefied natural gas-receiving terminal in Guan Tang, Taoyuan in Taiwan.
Shares of Gamuda closed unchanged at RM3.90 today, valuing the group at RM9.66 billion.