Gamuda Berhad Announces Project Development of Island A Via Joint Venture with Penang Infrastructure Corporation Sdn Bhd and SRS Consortium Sdn Bhd
March 25, 2021 at 02:44 am EDT
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Reference is made to the announcements made by Gamuda Berhad on 14 August 2015, 4 August 2016, 15 March 2017, 5 September 2017, 6 September 2017, 24 September 2018, 10 September 2019, 2 March 2020 and 1 July 2020. The Company has on 1 July 2020 announced that its 60% owned subsidiary, SRS Consortium Sdn Bhd ("PDP" or "SRS") has executed the Master Agreement ("Master Agreement") with the State Government of Penang ("PSG") in respect of the appointment of the PDP to manage and deliver the Penang transport master plan ("PTMP" or "Project"). Under the Master Agreement, the PDP's responsibility is to manage the delivery of the Project within budget and time for PSG as the Project owner. Following months of negotiation, the PSG and SRS have come to an agreement whereby SRS will undertake the development of Island A ("Project Development of Island A") through the deployment of private sector capital without any recourse to PSG. The Company now wishes to announce that the PSG has on 25 March 2021 accepted the terms of the Project Development of Island A as contained in SRS's proposal ("Proposal"). SRS has on the even date acknowledged the PSG's acceptance of the Proposal. The components comprised in the Project Development of Island A shall be implemented via a project development model in joint venture with the PSG. A project developer company shall be formed between SRS and an PSG appointed entity. The Project Developer of which the PSG nominee, Penang Infrastructure Corporation Sdn Bhd ("PSG Nominee") is part of has the sole, exclusive and full right to carry out the Project Development of Island A comprising the following: the Project Development Master Planning including securing planning approvals and other approvals for the Common Infrastructure (including smart city features), Investor Marketing and Land Sale of the reclaimed lands ("MPIL"); and the design, construction and completion of Island A, Common Infrastructure (including smart city features), PIL 2A and Airport Link ("Works"). A detailed Project Development Agreement between the PSG and the Project Developer shall be executed in due course.
Gamuda Berhad is a Malaysia-based investment holding company, which is engaged in the business of civil engineering, infrastructure, and township developments. It operates through three segments: Engineering and Construction, Property Development and Club Operations, and Highways. The Engineering and Construction segment is engaged in the construction of highways and bridges, airfield facilities, railways, tunnels, water treatment plants, dams, and general and trading services related to construction activities. The Property Development and Club Operations segment is engaged in the development of residential and commercial properties and club operations. It also operates quarry, manufactures premix, and provides project delivery. It offers information technology services, and manufacture, supply, and laying of road surfacing materials. Its project includes Sitra Causeway Bridges, Kuantan Bridge, Pulau Bunting Bridge, Hamad International Airport, Sungai Selangor Dam, and more.
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