Vertice partners two local firms to pursue Sarawak projects

-A +A

KUALA LUMPUR (Sept 12): Vertice Bhd is teaming up with two local construction firms to pursue pre-qualification tender for two infrastructure projects in Sarawak.

The projects comprise the balance of works to complete the coastal road network and the second trunk road in the state.

In a filing with Bursa Malaysia, Vertice said it has entered into a memorandum of understanding (MoU) with Pembinaan RU Sdn Bhd and Image Façade Construction Sdn Bhd to jointly submit the pre-qualification tender for the projects.

"If the pre-qualification tender is successful, the three parties will form a joint-venture (JV) company to proceed with the projects in Sarawak.

Under the JV, Pembinaan RU is tasked to secure the contract and to provide a management team to successfully deliver the project, while Vertice and Image Façade will provide the necessary expertise and equipment to deliver the project on time and satisfactorily.

"The parties further agree to work together in the true spirit of cooperation to ensure there is a united visible and responsive leadership of the projects and to demonstrate administrative, managerial and financial commitments to the projects," Vertice said.

The MoU will remain in full force for no longer than one year.

Vertice shares closed down 3 sen or 3.33% at 87 sen today, with 206,500 shares done, bringing a market capitalisation of RM162.6 million.