Muhibbah Engineering Lands RM120M Penang LRT Subcontract From Gamuda
Source: Penang Today
Muhibbah Engineering (M) Bhd has secured a subcontract valued at RM120 million from Gamuda Industrial Building System Sdn Bhd, marking a significant addition to the Penang LRT Mutiara Line project.
The scope of work covers the design, supply and installation of noise barriers and enclosures for a sub-package of the LRT project’s first civil works package, according to a bourse filing on Bursa Malaysia.
Gamuda Industrial operates as a wholly-owned subsidiary of Gamuda Bhd. The parent company holds the majority partnership in SRS Consortium Sdn Bhd, which serves as main contractor for the first package spanning the route from Komtar to Silicon Island.
Muhibbah Engineering confirmed that work is scheduled to commence this month, with completion anticipated by the third quarter of 2030. This timeline effectively mirrors nearly the full lifecycle of construction on the Mutiara Line, which is targeted for completion and commencement of operations by December 2031.
The group stated that the contract is expected to deliver a positive contribution to both earnings and net assets throughout the contract period for the current and subsequent financial years.
Shares in Muhibbah Engineering closed 1.5 sen or 3.1% higher at 50 sen on Tuesday, giving the group a market capitalisation of RM366.7 million.
Source: The Edge Malaysia
