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Wednesday, 18 January 2017

(NST) Ekovest clinches RM6.32b contract


KUALA LUMPUR: Ekovest Bhd won a RM6.32 billion contract tobuild a 75.2km highway linking Kuala Lumpur to Kapar in Selangor. 

Its unit Lebuhraya DUKE Fasa 2A Sdn Bhd (LDF2A) has received principle approval from the government for the privatisation of Kampung Baru Link, Istana Link and Kapar Link Expressway. 

The project was expected to provide vital connectivity and direct linkage for movements and seamless travelling in and around Kuala Lumpur City Centre and the Klang Valley, said Ekovest in a filing to Bursa Malaysia yesterday. 

The estimated total cost is expected to be financed through internally generated funds, borrowings and/or other fundraising exercises. 

The principle approval by the government could not be considered binding until the execution of the relevant agreement between the government and LDF2A, said Ekovest. 

The project is also subject to further terms and conditions to be negotiated between the government and LDF2A. 

Ekovest said it would make the appropriate announcement to Bursa Malaysia as and when there was a material development in relation to the project. 

Its share prices rose nine sen to RM2.52 at the market closing yesterday.