Citaglobal Wins RM38m Penang Mutiara LRT Subcontract
Source: Penang Today
Citaglobal Bhd has secured a RM37.79 million subcontract for the Penang Mutiara LRT project, boosting its outstanding order book to about RM1.45 billion.
The contract was awarded by SRS Consortium Sdn Bhd, the civil main contractor for the project. Citaglobal Land Sdn Bhd, a subsidiary of Citaglobal, will handle construction of long spans, special spans and associated works along the alignment from Komtar to East Jelutong.
The subcontract falls under Sub-Package LS03 of Package CMC1, which covers the design and construction of viaduct guideways, elevated stations, a depot and related infrastructure from Penang South Reclamation Island A to Komtar.
Citaglobal must furnish a performance bond of RM1.89 million and execute the formal subcontract agreement within three months of the letter of award.
The company said the subcontract is expected to contribute positively to earnings, earnings per share and net assets over the contract period. The award will not affect the company’s share capital or substantial shareholders’ shareholdings.
Source: The Malaysian Reserve
