T7 Global drops one consortium partner in ECRL job bid
PETALING JAYA: T7 Global Bhd has dropped China State Construction Engineering (M) Sdn Bhd as a consortium partner in its bid for the Terengganu portion of the East Coast Rail Line, opting to go ahead with only Terengganu state government-linked Eastern Pacific Industrial Corp Bhd (EPIC), and CMC Engineering Sdn Bhd.
No reason was given for the exclusion of the subsidiary of China State Construction Engineering Corp Ltd in Malaysia.
“The MoU will provide an opportunity for the parties to establish collaboration based on respective party’s expertise and strengths. EPIC, CMC and T7 desire to collaborate as a consortium to undertake the construction of the project,” T7 said in a stock exchange filing yesterday, stating that it has 12 months to do so.
The parties also aim to enter into a formal business collaboration agreement, detailing relations and full obligations of the parties on the basis of this MoU in accordance with the contracts from the federal government.
“Should the collaboration materialise, it is expected to contribute positively to the future earnings of T7.”
T7 closed unchanged at 59 sen yesterday with 2.38 million shares done.