Gamuda, MMC Corp shares advance on formalising role as turnkey contractor in MRT2

KUALA LUMPUR (Jan 17): Shares in Gamuda Bhd and MMC Corp Bhd advanced in morning trades today after the companies formalised their roles in the Mass Rapid Transit Sungai Buloh-Serdang-Putrajaya (SSP) Line (MRT2) as joint turnkey contractor, from project delivery partner (PDP) previously.

At the midday break, Gamuda was 5.19% or 21 sen higher at RM4.26, valuing it at RM10.55 billion.

Meanwhile, MMC Corp gained 1% or 1 sen to RM1.01, valuing it at RM3.08 billion.

In separate filings to Bursa Malaysia today, MMC Corp and Gamuda said their joint venture (JV) unit MMC Gamuda KVMRT (PDP SSP) Sdn Bhd (MMC-Gamuda) has entered into a supplemental agreement to the PDP agreement with Mass Rapid Transit Corp Sdn Bhd (MRT Corp).

The supplemental agreement, the filings said, is to formalise the role of MMC-Gamuda to deliver and be responsible for the design, execution and completion of the entire SSP Line — both above ground and underground — on a turnkey basis.

Concurrently, the tunnelling JV unit MMC Gamuda KVMRT (T) Sdn Bhd has also entered into a novation agreement with MMC-Gamuda and MRT Corp.