KUALA LUMPUR (Jan 17): Construction company Ekovest Bhd wins a RM6.32 billion job to build an expressway that consists of Kampung Baru Link, Istana Link and Kapar Link Expressway in the Klang Valley.
The new expressway will link to the existing DUKE highway.
In a filing to Bursa Malaysia this evening, the group announced that its subsidiary Lebuhraya DUKE Fasa 2A Sdn Bhd (LDF2A) has received a letter on the principal approval from the government for the construction of the 75.2km expressway.
The highway project is expected to be funded by internally generated funds, borrowings and/or other fundraising exercises.
“The proposed project is expected to provide vital connectivity and direct linkage for movement in and around Kuala Lumpur City Center and completes the missing link for seamless travelling in and out of Greater Kuala Lumpur and Klang Valley,” the group said.
However, Ekovest added that the proposed project is subject to further negotiation between the parties and the principal approval is not binding until the relevant agreement between LDF2A and the government is executed.
Ekovest closed 9 sen or 3.7% higher at RM2.52, with a market capitalisation of RM2.16 billion. — theedgemarkets.com