Penang extends LoA validity to August
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.