Mudajaya bags RM55.5m job for Pengerang cogen power plant

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KUALA LUMPUR (Dec 1): Mudajaya Group Bhd's wholly-owned unit Mudajaya Corp Bhd (MCB) has bagged a RM55.5 million civil works project for the Pengerang cogeneration (cogen) power plant in Johor.

In a filing with Bursa Malaysia today, Mudajaya said it has signed a contract with Siemen Malaysia Sdn Bhd to construct and complete the main civil works for the power plant.

“The main civil works (without optional works) undertaken by MCB is expected to complete by Feb 5, 2016,” said the civil engineering and construction company.

Mudajaya said in the event that Sieman Malaysia orders the optional works, MCB will be entitled to an equitable adjustment to reflect the increase or decrease in time required to perform the optimal works.

“The optional works are valued at RM157.9 million,” it said, adding that the project is expected to contribute positively towards the earnings and net assets of the group for the financial year ending Dec 31, 2015 onwards.

Mudajaya shares were down 5 sen or 2.73% to close at RM1.78 today, giving it a market capitalisation of RM963.74 million.