WCT-KKB JV bags RM1.29b Pan Borneo deal
Published on: Wednesday, July 27, 2016
Kuala Lumpur: WCT Bhd, in joint-venture with KKB Engineering Bhd, has secured a RM1.29 billion contract under phase one of the Pan Borneo Highway project from Lebuhraya Borneo Utara Sdn Bhd. WCT is a wholly-owned subsidiary of WCT Holdings Bhd.In a filing to Bursa Malaysia Tuesday, WCT Holdings said under the contract, the JV company will undertake and complete the proposed development and upgrading of the Pan Borneo Highway in Sarawak, from Sungai Arip Bridge to Bintulu Airport Junction.
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It said the scope of works for the contract generally includes piling and civil works, including demolition and site clearance and earth works."The works under the contract are expected to be completed in 51 months from the date of the letter of award," it said. The duration for the contract is 51 months from the date of the award letter, which was yesterday (Monday). The KKB-WCT joint venture is a 70:30 joint venture and a joint venture company will be incorporated to undertake the contract, it said.
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"The contract is expected to contribute positively to KKB Group's earnings during the duration of the contract," it said. Meanwhile, shares of Bina Puri Holdings Bhd and Cahya Mata Sarawak Bhd rose Tuesday morning following the newly-secured RM1.36 billion contract from Lebuhraya Borneo Utara Sdn Bhd.
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As at 10.12 am, Bina Puri's share was up two sen to 43 sen with 4.47 million shraes transacted, while Cahya Mata Sarawak gained two sen to RM3.80 with 1.12 million shares changing hands.The contract was bagged through a joint-venture company, namely PPES Works (Sarawak) Sdn Bhd and Bina Puri Sdn Bhd joint venture (PPESW-BPSB JV).Bina Puri SB is a wholly-owned subsidiary of Bina Puri Holdings, while PPES Works is a 51 per cent-owned indirect subsidiary of Cahya Mata Sarawak. Stay up-to-date by following Daily Express’s Telegram channel.
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