Pe­nang ex­tends LoA va­lid­ity to Au­gust

New Straits Times - - Business -

KUALA LUMPUR: The va­lid­ity of the let­ter of award (LoA) to the Ga­muda Bhd-led con­sor­tium for the RM46 bil­lion Pe­nang Trans­port Master Plan has been ex­tended to Au­gust 31.

This is sec­ond ex­ten­sion by the Pe­nang gov­ern­ment. The pre­vi­ous one, an­nounced on July 29 last year, ex­pired on Fe­bru­ary 28.

Ga­muda holds a 60 per cent stake in SRS Con­sor­tium, which was cho­sen as the project de­liv­ery part­ner in Au­gust 2015. Its part­ners are Ideal Prop­erty Devel­op­ment Sdn Bhd and Loh Phoy Yen Hold­ings Sdn Bhd, which own 20 per cent stake each.

In a fil­ing with Bursa Malaysia, Ga­muda said the sec­ond ex­ten­sion made on Fe­bru­ary 28 was ac­cepted by SRS yes­ter­day. The terms were un­changed, it added.

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