MRCB, George Kent up after govt confirmed consortium remains as LRT3 PDP

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KUALA LUMPUR (Aug 8): Malaysian Resources Corporation Bhd (MRCB) was the most actively traded counter on Bursa Malaysia in the morning session after the government confirmed that MRCB George Kent Sdn Bhd would remain the project delivery partner (PDP) for the light rail transit three (LRT3) venture. 

As at 11.25 am today, MRCB’s shares jumped four sen or 5.03 per cent to 83.5 sen from yesterday’s close of 79.5 sen with 96.27 million shares traded. 

At 12:30pm, MRCB shares settled at 84 sen with some 106 million units traded. George Kent (M) Bhd settled six sen higher at RM1.51 with about 10 million shares transacted.

Finance Minister Lim Guan Eng told Parliament yesterday the government would have to pay RM4.2 billion in compensation if the RM31.5 billion MRCB George Kent Sdn Bhd PDP contract was terminated.

He said the government would not re-tender the project and would proceed with the LRT3 project as a fixed-fee contract using the current PDP.

In 2015, the LRT3 project operator, Prasarana Malaysia Bhd, appointed MRCB and George Kent as the PDP for the LRT3, with an initial RM9 billion construction works budget and RM1 billion for land acquisitions.