Source: The Sun Daily
WCT Bhd, through a joint venture (JV) with KKB Engineering Bhd, has clinched a RM1.29 billion contract for phase one of the Pan Borneo Highway project from Lebuhraya Borneo Utara Sdn Bhd.
KKB's shares closed lower by 1.8% or 3 sen to RM1.62 yesterday, while WCT was up 1.9% or 3 sen to close at RM1.58.
WCT Holdings Bhd, which fully owns WCT Bhd, told the stock exchange yesterday that KKB will hold a 70% stake in the JV company and WCT the remaining 30%.
The JV company will undertake and complete the proposed development and upgrading of the Pan Borneo Highway in Sarawak, from Sungai Arip Bridge to Bintulu Airport Junction.
In a separate statement, WCT Holdings managing director Taing Kim Hwa said the contract will expand its current outstanding order book of RM4.4 billion as at March 31 2016.
"We are looking forward to working together with KKB for this project as this contract is expected to contribute positively to the group's future earnings and net assets as well as help us in achieving our construction revenue target of RM2 billion this financial year."
In addition to piling, the scope of work under the contract includes demolition and site clearance, earthworks, geotechnical works, drainage works, roads and pavings. The joint-venture entity will also be required to undertake the development of interchanges, bridge works, environmental protection and monitoring, traffic management and control, M&E and electrical works.