Gamuda named project delivery partner of Penang Transport Master Plan

(Focus Malaysia) – The Penang government has confirmed the appointment of Gamuda Bhd as the project delivery partner (PDP) for the Penang Transport Master Plan (PTMP).

Gamuda’s 60%-owned subsidiary SRS Consortium Sdn Bhd entered into a master agreement today with the state government where, according to a bourse filing today, SRS would be responsible for the management and delivery of the PTMP.

As part of the agreement, SRS will provide different public transport components including highways. The company will also provide new reclamation sites comprising Islands A, B, and C of the Penang South Reclamation project.

SRS would also provide bridge financing to the Penang government of RM1.3 bil for the reclamation of Island A.

Gamuda said it would fund its share in the PDP through internally generated funds and bank borrowings with no foreseeable material impact on earnings for the financial year ending July 2020.

Instead, the PMTP is “expected to contribute positively to the future earnings,” Gamuda said.

The remainder 40% of the PDP is owned equally by Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd.

At 2.44pm, Gamuda’s shares were last done at RM3.68, up 4 sen, with 1.5 million shares changing hands.