Setiawangsa-Pantai Expressway on track to be completed by 1Q20

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KUALA LUMPUR (Nov 27): The RM3.78 billion Setiawangsa-Pantai Expressway (SPE) is on track for full completion by the first quarter of 2020 (1Q20).

The project, also known as the Duta-Ulu Kelang Expressway (DUKE) Phase-3 project, is currently 50% complete, and the group is committed to complete the project as scheduled, Ekovest Bhd managing director Datuk Seri Lim Keng Cheng told the press after the group's annual general meeting here today.

The SPE, which will traverse north to south of Kuala Lumpur, will serve areas such as University Tunku Abdul Rahman, Wangsa Maju, Setiawangsa, Ampang, the Tun Razak Exchage and Bandar Malaysia development corridor, and Kerinchi.

On the group's prospect, Lim expects the financial performance for financial year ending June 30, 2019 (FY19) to continue to be positive, mainly driven by the construction segment.

For its construction division, Lim said Ekovest has submitted a tender book amounting to RM6 billion, of which up to RM4 billion will be from projects in Sabah and Sarawak and the remaining from Kuala Lumpur.

At 1.19pm, Ekovest fell one sen or 2.06% to 47.5 sen, valuing the group RM1.02 billion.