Friday 29 Mar 2024
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KUALA LUMPUR (July 11): Magna Prima Bhd is partnering PowerChina Construction Group Ltd to bid for an engineering, procurement and construction (EPC) contract for the third phase of a local project, involving Permodalan Nasional Bhd (PNB).

PowerChina is a member company of Chinese state-owned entreprise Power Construction Corp of China. The company is involved in the provision of integrated service and systeamic solutions in various energy and infrastructure aspects.  

Both parties signed a memorandum of understanding (MoU) to establish a consortium, which will collaborate and bid for the EPC contract for the Phase 3 development, including the negotiation and entering into related agreements with PNB, an exchange filing today showed.

"This MoU is entered by Magna Prima and PowerChina, which have mutually agreed to collaborate in developing the bid proposal and the execution of the EPC contract of the project, based on the terms and conditions set out," it said. 

Under terms of the MoU, PowerChina will be the lead member of the consortium in preparation of the bid proposal for the project, and provide the funding required for expenses incurred from the MoU until the award of the contract.

Magna Prima, meanwhile, will be the local EPC contractor, appointing suitable local subcontractors and suppliers, and providing necessary technical or commercial documents to support the bidding of the project.

Shares of Magna Prima were untraded today. The stock closed at 86 sen on Wednesday, for a market capitalisation of RM286.06 million.

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