Quick take: Gamuda shares boosted by contract win

KUALA LUMPUR: Gamuda Bhd is up over 1.4% in early trade Friday after the company announced it had won a RM521.7mil marine bridge contract in Taiwan.

The the construction giant rose 1.44%, or four sen to RM2.88 with 1.1 million shares traded.

Gamuda and Taiwan’s Dong-Pi Construction Co Ltd have been awarded the construction contract for the Marine Bridge project at Guan Tang in Taiwan by state-owned oil and gas company CPC Corp Taiwan worth RM521.71mil.

Gamuda said the construction would be undertaken by an incorporated joint venture company comprising of Gamuda and Dong-Pi with 70% and 30% stakes respectively.

“The scope of the works involves the construction and completion of the 1.23km marine bridge connecting a receiving terminal to a man-made island, inclusive of soil investigation, foundation, temporary bridge and working platform as well as environmental protection works,” it said.

The contract period of 44 months will commence in April.

Source : TheStar